报告称中国经济正进入供需再平衡关键期

Core Viewpoint - The report indicates that China's economy is entering a critical period of supply-demand rebalancing, with a need for policy support to promote structural transformation and maintain stable growth [1][2]. Economic Indicators - In September, the core CPI rose by 1.0%, marking the first increase back to 1% in 19 months and showing a continuous upward trend over five months [1]. - The manufacturing PMI production index reached 51.9% in September, up 1.1 percentage points from the previous month, indicating accelerated production expansion [1]. - The industrial added value for large-scale enterprises grew by 6.5% year-on-year in September, with 36 out of 41 major industries showing positive growth, reflecting a healthy production and sales environment [1]. Export Performance - In September, China's exports increased by 8.3% year-on-year in USD terms, with electromechanical products accounting for 60.5% of total exports in the first three quarters [2]. - High-tech products such as electronic information and high-end equipment showed significant growth, highlighting the impact of China's industrial structure transformation [2]. Policy Recommendations - The report suggests prioritizing reasonable price recovery as a macro policy goal, continuing to implement consumption encouragement measures, and enhancing support for employment stability [2][3]. - It recommends considering moderate interest rate cuts in the fourth quarter to lower financing costs for businesses and suggests early implementation of fiscal policies to support local government debt management [2]. - Emphasis is placed on optimizing the business environment and supporting innovation to foster a long-term system that encourages enterprise focus and innovation [3].