供需协同促进物价合理运行

Core Viewpoint - The article emphasizes the need for a coordinated approach to stabilize market expectations, expand effective demand, and foster innovation to return prices to a reasonable range amid improving supply-demand balance [1][3][4]. Group 1: Price Trends - In June, the national Consumer Price Index (CPI) rose by 0.1% year-on-year after four consecutive months of decline, while the core CPI increased by 0.7%, marking the highest growth in nearly 14 months [1]. - Despite the marginal improvement, the overall price level remains low, with a cumulative CPI decline of 0.1% in the first half of the year [2]. Group 2: Economic Environment - The current low price levels are seen as a phase in the economic transformation process, influenced by both cyclical and structural factors, as well as short-term and long-term issues [2]. - External factors such as geopolitical tensions and increased tariffs from the U.S. have contributed to global economic slowdown and uncertainty in external demand, impacting domestic prices [2]. Group 3: Policy Recommendations - To stabilize expectations, it is crucial to break the negative cycle of "price decline—demand contraction" by providing clear and continuous policy signals, including a moderately loose monetary policy [3]. - Expanding effective demand is essential for economic recovery, which involves enhancing residents' income and consumption capabilities, as well as improving social security systems [4]. - Promoting innovation is necessary to avoid low-level price competition, encouraging a shift from price wars to competition based on technology and service [4].