????過去10年拉動中國經濟增長的兩大引擎已經風光不再，中國消費者的堅挺表現則可圈可點。

????國家統計局于周二公布，全國房價10月份繼續呈下跌趨勢，月環比下降0.8%，同比降2.6%。雖然環比降幅小于9月份的1%，但是房地產行業的下行趨勢絲毫未變。

????70個大中城市中，新建住宅價格下跌的有69個。同比來看，67個城市房價下跌，而9月份這個數字僅為58個。

????今年第三季度，官方公布的中國整體經濟年化增長率降至7.3%，這是2009年以來的最低水平，建筑業和房地產滑坡可以說是最重要的原因。中國政府已開始暗示，明年增速將進一步放緩。習近平主席上周表示，7%的增長率“沒那么可怕”。

????經濟放緩的另一個原因是，隨著反壟斷監管持續收緊、商業腐敗行為受到打擊，以及中央反腐措施造成奢侈品需求下降，外商對華投資下降。

????商務部周二公布的其他數據顯示，10月份外商直接投資同比下降1.2%，但略好于9月份1.4%的降幅。路透社報道稱，美國對華投資同比下降16%，來自于歐盟的投資下降了24%。報道認為，隨著中國政府把重心轉移到促進國內消費，服務業將更多的受益。10月份這個行業吸引的投資最多，達到531億美元，制造業吸引的投資為325億美元。

????為促進經濟持續增長，中國政府已經簽署了三項重大自由貿易協定——中美、中韓貿易協定上周簽字，周一又和澳大利亞簽署了自貿協議。

????中澳自貿協定將取消或大幅下調眾多澳大利亞農產品的關稅，包括葡萄酒，以及許多澳大利亞自然資源和藥品也將享受優惠關稅。同時，該協定還大大提高了中國服務業的開放程度，包括法律和金融服務領域。

????澳新銀行（ANZ）的分析師表示，中澳貿易是世界上規模最大、增長最快的貿易關系之一，這份協議將大大有利于兩國貿易。協定全面實施后，95%的商品貿易將免征關稅。（財富中文網）

????譯者：Jennifer

????審：Charlie

????It’s a good job that Chinese consumers are holding their end up, because two of the engines that have driven the economy for the last 10 years just aren’t firing any more.

????The National Bureau of Statistics said Tuesday that the nationwide real estate slump continued in October, as prices fell 0.8% on the month and were down 2.6% from a year earlier. Although that’s a slower decline from the 1% drop posted in September, it still leaves the sector firmly on a downward path.

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????Of 70 large and medium-sized cities, prices for new residential buildings fell in 69. In year-on-year terms, prices were down in 67 cities, compared to only 58 in September.

????The slowdown in construction and real estate has been arguably the biggest single factor in China’s overall official growth rate slowing to an annualized 7.3% in the third quarter of this year, the lowest since 2009. Beijing has already started to drop hints it will slow further next year, with President Xi Jinping saying last week that a rate of 7% “would not be a disaster.”

????Another factor behind the slowdown has been a fall in foreign investment into the country, against a background of tightening antitrust regulation, a clampdown on corrupt business practises and slowing demand for luxury goods due to Xi’s anti-corruption campaign.

????Other data released Tuesday by the Ministry of Commerce showed that foreign direct investment was down 1.2% year-on-year in October, albeit that was a slight improvement from a drop of 1.4% in September. Investment from the U.S. fell 16% on the year, and flows from the E.U. fell 24%, Reuters reported. Reuters said the service sector, which stands to gain more from the authorities’ new focus on developing domestic consumption, attracted the most investment, with $53.1 billion, while the manufacturing sector attracted $32.5 billion.

????To help sustain growth, Beijing has made three major deals on trade liberalization in the last week–with the U.S., South Korea and, on Monday, Australia.

????The Australian deal, signed on Monday, will scrap or sharply reduce tariffs on a wide range of Australian agricultural products, including wine, as well as on many natural resources and pharmaceuticals. It also gives much freer access to the service sector, including legal and financial services.

????Analysts at ANZ said the deal will bring major benefits to one of the world’s biggest and fastest-growing trade relationships, with 95% of goods between traded tariff-free when the deal is fully implemented.