中国经济再现回暖信号，宏观政策发力持续转向扩内需促消费

Group 1: Economic Recovery Signals - Personal consumption and investment demand are showing signs of recovery due to the effectiveness of macro policies and financial support for the real economy [1][6] - The Consumer Price Index (CPI) and Producer Price Index (PPI) have seen a narrowing of year-on-year declines, indicating positive price changes in some industries [1][2] Group 2: CPI and PPI Analysis - In September, the CPI decreased by 0.3% year-on-year, with a narrowing decline of 0.1 percentage points compared to the previous month, while the core CPI, excluding food and energy, rose by 1.0%, marking the first return to a 1% increase in 19 months [2][3] - The PPI decreased by 2.3% year-on-year, with a narrowing decline of 0.6 percentage points, attributed to improved supply-demand structures and the effects of macro policies [4][5] Group 3: Financial Support and Market Dynamics - The broad money supply (M2) and social financing scale growth rates remain high, supporting economic recovery and indicating increased market activity [6][7] - The M2 balance reached 335.38 trillion yuan, with an 8.4% year-on-year growth, reflecting a stable financial environment for the real economy [6] Group 4: Structural Changes and Future Outlook - The ongoing structural upgrades in industries and the release of consumption potential are driving price increases in related sectors, such as aircraft manufacturing and nutritional food production [5] - Experts suggest that the focus of fiscal policy should shift towards improving livelihoods and consumption, addressing the imbalance between excessive investment and insufficient consumption [7]