受春节效应影响，物价、信贷均有上涨

Price Trends - In January 2025, the CPI increased by 0.5% year-on-year, up 0.4 percentage points from December 2024, and rose 0.7% month-on-month[7] - The PPI fell by 2.3% year-on-year in January 2025, unchanged from December 2024, indicating persistent economic pressure and insufficient effective demand[7] Monetary and Credit Conditions - The new social financing scale in January 2025 was 70,600 billion RMB, an increase of 5,866 billion RMB year-on-year, exceeding market expectations[8] - New RMB loans amounted to 51,300 billion RMB in January 2025, up 2,100 billion RMB year-on-year, significantly higher than market forecasts[8] - M2 at the end of January 2025 was 318.52 trillion RMB, with a year-on-year growth of 7.0%, down 0.3 percentage points from the previous period[51] Economic Outlook - The marginal improvement in corporate expectations is reflected in the stable scissors difference between social financing and M2 growth rates, indicating a relative balance in liquidity[10] - The ongoing "stabilization growth" policies are expected to continue supporting economic recovery, despite the need for further stimulus measures[6]