摩根士丹利：中国经济-第一季度的强劲表现能否持续？

March 28, 2025 06:01 AM GMT China Economics | Asia Pacific Can 1Q Strength Last? 1Q growth looks solid at 5.4%, fueled by tech investment and policy-front loading. But it remains uneven, as industrial profit margins, wage growth and housing prices slipped. Momentum could soften from 2Q amid tariff risks and global trade conditions. We see limited new policy action until 2H. Bear argument – Growth is set to soften from 2Q amid tariffs… While China's economy has likely turned more resilient to US tariff shock ...