国家统计局表示，虽然国际输入性因素对部分行业价格产生一定下拉影响，但我国经济基础稳、韧性 强，各项宏观政策协同发力，高质量发展扎实推进，部分领域价格呈现积极变化。 受国际油价下行等因素影响，4月份CPI同比持续下降，PPI同比降幅扩大。 国家统计局5月10日发布的数据显示，4月份居民消费价格指数（CPI）环比由上月下降0.4%转为上涨 0.1%，同比下降0.1%。工业生产者出厂价格指数（PPI）环比下降0.4%，降幅与上月相同，同比下降 2.7%，降幅比上月扩大0.2个百分点。 4月份，扣除食品和能源价格的核心CPI上涨0.5%，涨幅保持稳定。 国家统计局城市司首席统计师董莉娟表示，虽然国际输入性因素对部分行业价格产生一定下拉影响，但 我国经济基础稳、韧性强，各项宏观政策协同发力，高质量发展扎实推进，部分领域价格呈现积极变 化。 CPI同比连续三个月为负 中信证券研报显示，自4月2日美国公布对等关税政策以来，全球大宗商品价格呈普跌态势，其中布伦特 原油、伦敦商品交易所（LME）铜现货价格分别下跌6.6%、5.5%。 董莉娟分析，影响本月PPI下降的主要原因：一是国际输入性因素影响国内相关行业价格下行。国际贸 ...

Core Viewpoint - In April, the national industrial producer price index (PPI) decreased by 2.7% year-on-year and 0.4% month-on-month, indicating a continued downward trend in industrial prices [1] Group 1: PPI Trends - The PPI in April fell by 0.4% compared to the previous month, maintaining the same decline rate as in March [1] - The primary reasons for the PPI decline include international input factors affecting domestic industry prices and seasonal decreases in certain domestic energy prices [1] Group 2: Economic Policies and Industry Growth - The Chinese government's macro policies aimed at boosting consumption are being intensified, leading to an expansion in high-tech industries [1] - There is an increase in demand in certain sectors, resulting in positive price changes in some areas [1]

中国人民银行（下称"央行"）5月9日发布《2025年第一季度中国货币政策执行报告》（下称《报告》）， 回顾了今年一季度货币信贷情况与政策操作，并分析当前经济金融形势，明确下一阶段政策取向。 本次《报告》有多篇专栏从不同角度体现出宏观政策思路的转变，明确指出提振消费是当前扩内需稳增长的关 键点；对比中美日政府债务情况，中国政府债务扩张仍有可持续性；促进物价合理回升，需要推动经济供需平 衡，关键在于扩大有效需求。《报告》还在专栏中指出要加强债券市场建设。 对于世界经济金融形势，《报告》指出，全球经济增长动能趋弱，国别分化日趋明显。美关税政策推升全球衰 退风险，发达经济体物价涨幅回落，但未来上涨压力依然存在。对于中国宏观经济形势，《报告》预计，物价 水平有望保持低位回升态势。随着扩大内需政策落地显效，市场需求加快释放，将更好支撑物价水平温和回 升。 在下一阶段政策取向上，《报告》提出，积极落地5月推出的一揽子金融政策。把促进物价合理回升作为把握 货币政策的重要考量，推动物价保持在合理水平。畅通货币政策传导机制，进一步完善利率调控框架，持续强 化利率政策的执行和监督，降低银行负债成本，推动社会综合融资成本下降。 一季 ...

Core Viewpoint - The "Q1 2025 China Monetary Policy Implementation Report" emphasizes the need for increased support for the real economy, expansion of consumption, and effective responses to external shocks, indicating a shift in macroeconomic policy focus [1][2][3]. Group 1: Monetary Policy and Economic Support - The People's Bank of China (PBOC) maintains a supportive policy stance, implementing moderately loose monetary policies and optimizing specific policy operations to ensure ample liquidity and stability in the financial market [2][3]. - The cumulative effects of multiple interest rate cuts and reserve requirement ratio reductions are becoming evident, leading to a generally relaxed social financing environment [2][3]. - The report highlights a commitment to continue implementing moderately loose monetary policies to align social financing scale and money supply growth with economic growth and price level expectations [3]. Group 2: Consumption and Economic Growth - The report underscores the importance of boosting consumption as a key driver for stabilizing growth, especially in light of weakening external demand [2][5]. - A new initiative for service consumption and elderly care loans has been introduced, aimed at enhancing financial support for sectors like accommodation, dining, and entertainment [6]. - The report indicates that the government's debt is supported by assets, with total government assets equivalent to 166% of GDP and total liabilities at 75% of GDP, suggesting a strong foundation for economic transformation and stability [6]. Group 3: Price Management and Supply-Demand Balance - The report stresses the need to promote reasonable price recovery by expanding effective demand, addressing both supply and demand pressures in the economy [7]. - Experts suggest a shift in price control strategies from preventing price gouging to preventing low-price dumping, advocating for quality-driven competition among enterprises [7].

Group 1: Monetary Policy and Consumption - The central bank's report emphasizes that boosting consumption is a key point for expanding domestic demand and stabilizing growth, with signs of gradual recovery in consumption growth [2][3] - The central bank plans to increase low-cost funding support for key consumption sectors and develop guiding documents for financial support to enhance consumer finance services [2][3] - The report indicates that China's final consumption expenditure as a percentage of GDP is lower compared to countries like the US and Japan, suggesting significant potential for increasing consumption's contribution to economic growth [2] Group 2: Government Debt and Fiscal Policy - The report highlights that China's broad government total assets are equivalent to 166% of GDP, while total liabilities are 75% of GDP, indicating a net asset position of 91% of GDP [5][6] - The sustainability of government debt is supported by substantial state-owned assets and a relatively low level of government liabilities, allowing for continued debt expansion [6][7] - Increased fiscal support has been noted, with local governments issuing nearly 1 trillion yuan in new special bonds in the first quarter, effectively boosting investment and market confidence [8] Group 3: Supply and Demand Dynamics - The central bank discusses the need to promote reasonable price recovery by balancing supply and demand, with a focus on expanding effective demand [9] - Current low price levels are influenced by multiple factors, including persistent downward pressure on consumption and significant investment contraction in traditional sectors [9][10] - Experts suggest that price management should shift from preventing "price gouging" to preventing "low-price dumping," emphasizing the importance of quality over quantity in competition [11]

2025.05. 09 本文字数：2218，阅读时长大约4分钟 作者 | 第一财经 杜川 去年10月，中国人民银行行长潘功胜在金融街论坛上表示，宏观经济政策的作用方向应从过去的更 多偏向投资，转向消费与投资并重，并更加重视消费。 5月9日，央行发布的《2025年一季度中国货币政策执行报告》（下称"报告"）有多篇专栏从不同角 度体现出宏观政策思路的转变。 例如，专栏2聚焦支持提振和扩大消费，体现了宏观政策更加注重促消费；专栏5则从政府部门资产 负债表的角度对比了中美日三国政府债务情况；专栏6指出，促进物价合理回升，需要推动经济供需 平衡，关键在于扩大有效需求。 提振消费是扩内需关键点 提振消费是当前扩内需稳增长的关键点。中央经济工作会议将"大力提振消费、提高投资效益，全方 位扩大国内需求"列为2025年工作的首要重点任务。 当前，我国广义政府总资产相当于GDP的166%，总负债相当于GDP的75%，净资产约占GDP的 91%，且资产主要为具有较好增长性的国有企业股权。 业内人士认为，我国政府债务扩张有相应的资产支撑，这对于加强民生保障、完善收入分配、推动经 济转型和动态平衡都有重要意义。 今年以来，我国财政支持 ...

Group 1 - The core viewpoint of the report emphasizes the shift in macroeconomic policy towards boosting consumption as a key point for expanding domestic demand and stabilizing growth [1][3] - The report highlights the effectiveness of counter-cyclical monetary policy in the first quarter, with a supportive stance leading to reasonable growth in money credit and a stable financial market [2][3] - The report indicates that the Chinese government's debt expansion remains sustainable compared to the debt situations in the US and Japan, given the large state-owned assets and low government debt levels [3][4] Group 2 - The report outlines a comprehensive financial policy package announced on May 7, which includes measures such as reserve requirement ratio cuts and interest rate reductions to stabilize market expectations and support domestic demand [2][7] - It stresses the importance of enhancing the bond market's construction and efficiency, addressing the need for improved pricing efficiency and risk management capabilities [5][6] - The report calls for a balanced approach to monetary policy, focusing on maintaining reasonable growth in financing and money supply while ensuring the stability of the RMB exchange rate [8][9]

中国人民银行（下称"央行"）5月9日发布《2025年第一季度中国货币政策执行报告》（下称《报告》），回顾了今年一季度货币信贷情况与政策操作，分 析当前经济金融形势，明确下一阶段政策取向。 本次《报告》有多篇专栏从不同角度体现出宏观政策思路的转变，明确指出提振消费是当前扩内需稳增长的关键点；对比中美日政府债务情况，中国政府债 务扩张仍有可持续性；促进物价合理回升，需要推动经济供需平衡，关键在于扩大有效需求。《报告》还在专栏中指出要加强债券市场建设。 对于世界经济金融形势，《报告》指出，全球经济增长动能趋弱，国别分化日趋明显。美关税政策推升全球衰退风险，发达经济体物价涨幅回落，但未来上 涨压力依然存在。对于中国宏观经济形势，《报告》预计，物价水平有望保持低位回升态势。随着扩大内需政策落地显效，市场需求加快释放，将更好支撑 物价水平温和回升。 在下一阶段政策取向上，《报告》提出，积极落地5月推出的一揽子金融政策。把促进物价合理回升作为把握货币政策的重要考量，推动物价保持在合理水 平。畅通货币政策传导机制，进一步完善利率调控框架，持续强化利率政策的执行和监督，降低银行负债成本，推动社会综合融资成本下降。 一季度货币政 ...

Group 1 - The core viewpoint emphasizes the shift in macroeconomic policy from focusing on high prices to managing low prices, supporting quality development over scale expansion, and preventing disorderly competition instead of monopolies [1][7] - The People's Bank of China (PBOC) is prioritizing consumption alongside investment to stimulate economic growth, as indicated in the recent monetary policy report [1][2] - The report highlights the need for a financial product and service system that aligns with consumer demand to enhance consumption and create a virtuous cycle between consumption and finance [2][3] Group 2 - The report indicates that the Chinese government's debt is manageable, with total assets equivalent to 166% of GDP and total liabilities at 75% of GDP, suggesting a strong fiscal position to support economic initiatives [4] - There is a call for fiscal policy to focus more on areas that have a direct impact on consumption, such as elderly care, childcare, and healthcare services [4][5] - The report notes that the government has increased fiscal support significantly, with local special bond issuance reaching nearly 1 trillion yuan in the first quarter, which has positively influenced investment and confidence [4] Group 3 - The report stresses the importance of balancing supply and demand to promote reasonable price recovery, addressing deep-seated structural issues in the economy [6][8] - Experts suggest that price levels are primarily determined by supply and demand dynamics, with monetary factors being secondary; thus, increasing money supply alone will not resolve low price levels [7] - The PBOC plans to implement a moderately loose monetary policy to ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [8]

Group 1 - The core viewpoint of the article emphasizes a shift in macro policy focus towards boosting consumption as a key strategy for expanding domestic demand and stabilizing growth [1] - The report indicates that the government's debt is supported by corresponding assets, which is significant for enhancing social welfare, improving income distribution, and promoting economic transformation and dynamic balance [1] - There has been a noticeable increase in fiscal support this year, with local governments accelerating the issuance of special bonds, totaling nearly 1 trillion yuan in the first quarter, effectively driving investment growth and boosting confidence [1]