提升物价，仅仅扩大货币发行是远远不够的

Core Viewpoint - The central bank emphasizes that merely relying on monetary policy is insufficient to drive price recovery, advocating for structural reforms and coordinated policies across various sectors to promote reasonable price increases [2][5]. Group 1: Price Trends and Indicators - In the first quarter, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, with monthly fluctuations of 0.5%, -0.7%, and -0.1% [2]. - Food prices fell by 1.4% year-on-year, influenced by seasonal factors and international oil price volatility [2]. - Core CPI, excluding food and energy, rose by 0.3% year-on-year, indicating a mild upward trend in non-food prices [2]. Group 2: Demand and Supply Analysis - Demand remains weak due to global growth slowdown, economic structural transformation, and the need for enhanced consumer spending [3]. - Supply-side issues include excessive competition in certain industries and inefficiencies in traditional sectors, exacerbating supply-demand imbalances [3]. Group 3: Policy Recommendations - The central bank refutes the notion that increasing money supply will automatically lead to price increases, citing historical examples of low inflation despite monetary expansion [4]. - Effective demand expansion is crucial for price recovery, necessitating structural reforms and coordinated policy efforts across fiscal, monetary, and social sectors [5]. - The focus should shift from managing high prices to managing low prices, emphasizing quality development and preventing disorderly competition [5].