【宏观周报】国内两会聚焦促消费，美国2月通胀数据转弱

Economic Overview - In February, China's Consumer Price Index (CPI) decreased by 4.7% year-on-year, compared to an increase of 0.5% in the previous month[4] - The unemployment rate in the U.S. rose by 0.1 percentage points to 4.1% in February, with non-farm payrolls increasing by 151,000, below the market expectation[3] - The U.S. manufacturing PMI for February was reported at 50.3, indicating slight expansion, while the non-manufacturing PMI was at 53.5, showing stronger growth[19] Policy and Economic Goals - The Chinese government aims for a GDP growth of around 8% for 2025, with a target urban unemployment rate of approximately 5.3% and a consumer price increase of about 2.8%[4] - The focus of the Chinese government during the Two Sessions is on boosting consumption and stabilizing the real estate and stock markets[4] Inflation and Monetary Policy - U.S. inflation data for January showed a year-on-year increase of 3.0%, exceeding expectations, while core CPI rose by 3.3%[5] - The Federal Reserve's Chairman Powell indicated that there is no urgency to lower interest rates, citing stable labor market conditions[6] Financial Indicators - In January, China's social financing scale increased by 7.06 trillion yuan, which is 683 billion yuan more than the same period last year[5] - The manufacturing PMI in China rose to 50.28 in February, up by 1.1 percentage points from the previous month, indicating improved economic conditions[4]