摩根大通：中国月度数据展望-当经济复苏遭遇关税海啸

J P M O R G A N Asia Pacific Economic Research 04 May 2025 China monthly data outlook When economic recovery meets tariff tsunami China's 1Q GDP and March activity data pointed at a solid growth momentum. Real GDP grew 5.4%oya in 1Q on a solid 6.6%q/q saar expansion (after a strong recovery of 7.6%q/q saar in 4Q). The details of March activity data generally beat expectations. On the production side, IP came in notably above expectations, rising 7.7%oya on a 0.7%m/m sa gain. On the demand side, retail sales ...