经观月度观察|经济回稳向好，政策更多聚焦“增收”

Core Viewpoint - The article emphasizes the need for policies to focus more on "stabilizing income" amid increasing external shocks, aiming to consolidate the recovery foundation through coordinated efforts in consumption and investment [1] CPI Summary - The CPI for March is reported at -0.1%, an improvement from -0.5% in the previous month, indicating a positive feedback on policy effectiveness and expectations [2] - The core CPI turning positive suggests a marginal recovery in consumer demand, driven by initiatives like "old-for-new" exchanges and improvements in service prices [2] - Current consumption promotion policies are primarily supply-side focused, highlighting the need for more actions on the income side to stabilize prices [2] PPI Summary - The PPI for March is reported at -2.5%, a slight increase in the decline compared to -2.3% in February, reflecting ongoing economic pressures and insufficient effective demand [3] - The first quarter PPI shows a year-on-year decline of 2.3%, which is a narrowing of 0.4 percentage points compared to the same period in 2024, indicating some stabilization in processing industry prices [3] PMI Summary - The manufacturing PMI for March is reported at 50.5%, up from 50.2% in February, indicating a continuous recovery in manufacturing activity [4][5] - The "PMI new orders - finished goods inventory" index has increased by 1 percentage point, confirming a positive trend in manufacturing momentum [4] Fixed Asset Investment Summary - Fixed asset investment growth for March is reported at 4.3%, with private investment rising to 0.4% [6] - Real estate investment continues to decline at -10%, while infrastructure investment has increased to 12.6% and manufacturing investment remains high at 9.2% [6] Credit Summary - New loans in March reached 36,400 billion yuan, significantly higher than the previous year's 30,900 billion yuan, indicating a recovery in loan growth [6] - The stock of loans has grown by 7.4%, with corporate loans increasing by 9.3% compared to 9.1% in February [6] M2 Summary - M2 growth for March is reported at 7.0%, remaining stable compared to February [7] - The reduction in fiscal deposits and the return of wealth management funds to the market have contributed to M2 expansion [7]