Jing Ji Guan Cha Bao·2025-04-17 04:27Core Viewpoint - The financial sector needs to increase support for stable growth and foreign trade in light of the complex external environment and uncertainties facing the economy [2][3] Economic Performance - In Q1, China's GDP reached 318,758 billion yuan, growing by 5.4% year-on-year, exceeding market expectations and demonstrating economic resilience [1] - The total social financing increased by over 15 trillion yuan in Q1, which is 2.37 trillion yuan more than the same period last year [1] Financing Characteristics - The financing structure remains favorable, with rapid growth in key areas such as inclusive finance, small and micro enterprises, and manufacturing, all outpacing the overall loan growth rate [1] - The overall financing costs have decreased, with the weighted average interest rates for new corporate loans and personal housing loans in March at 3.3% and 3.1%, respectively, down approximately 45 and 60 basis points year-on-year [1] Currency Exchange Rate - The RMB exchange rate has shown fluctuations, initially appreciating to around 7.20 against the USD in mid-March, then depreciating to 7.34 due to external factors, and stabilizing around 7.30 recently [2] Financial Support Strategies - The financial sector should focus on four key areas: 1. Targeting stable growth through timely adjustments in reserve requirements and interest rates to counter external shocks [3] 2. Ensuring market stability by preventing systemic financial risks and monitoring external impacts, particularly from US tariffs [3] 3. Supporting foreign trade by enhancing financial assistance to foreign trade enterprises, especially small and micro businesses [3] 4. Promoting long-term industrial upgrades by supporting innovation in key sectors such as technology, green initiatives, and consumption [3]