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高市能否抓住日本经济大变革潮流?
日经中文网· 2025-10-05 08:04
泷田洋一: 如今,通胀、人手不足与薪资上涨已逐渐成为日本经济运行的"新常态",就在这一经济转 型的关键节点,对经济政策关注不足的石破茂即将卸任…… 泷田洋一: 在10月4日举行的自民党总裁选举中,高市早苗击败事前预期的热门人选,当选为新任总 裁。股票市场对高市早苗主张的"负责任的积极财政"表示欢迎,而债券市场则担忧国债发行量可能增 加。尽管政权初期一般都会出现此类预期,但市场似乎尚未预感日本经济会迎来更为重大的变革。 当前市场充满了看似矛盾的理论。其中最典型的例子是,尽管石破茂政权在任期间对经济政策关注不 足,日经平均股价却以历史高点为其任期画上了"善始善终"的句号。与此同时,面对"人手不足"这一严 峻挑战,企业为求生存所采取的应对举措,正不断催生超出预期的结果。或许,这种切实感受正是当前 市场态势背后的逻辑。 9月日本银行(央行)发布的全国企业短期经济观测调查(简称"短观")显示,企业的软件投资呈现爆 发式增长态势。从2025年度的投资计划来看,大型企业同比增长10.7%,这一数据尚在预料之中,而真 正令人瞩目的是中坚企业和中小企业的表现——中坚企业的投资计划同比增长14.6%,中小企业更是同 比增长28. ...
21社论丨内外因共振,人民币汇率具有较强支撑
Sou Hu Cai Jing· 2025-09-19 22:10
Group 1 - The Federal Reserve's recent interest rate cut has led to a weakening of the US dollar, providing strong upward momentum for non-US currencies, including the Renminbi [1][2] - On September 17, the offshore Renminbi broke the 7.10 mark against the US dollar, reaching a high of 7.0995, the first time since November of the previous year [1][2] - The narrowing interest rate differential between China and the US is a significant factor contributing to the Renminbi's strength, although the fundamental economic conditions also play a crucial role [2][3] Group 2 - International capital flows are a key determinant of exchange rates, and the expectation of a weaker dollar is becoming more likely as the Fed continues its rate-cutting path [2] - China's economic resilience and the relative decline in productivity growth in Western countries are supporting the Renminbi's appreciation [3][4] - Deutsche Bank has expressed optimism about the Renminbi, predicting it could break the 7 mark by 2025 and appreciate to 6.7 by 2026, reflecting a positive outlook on Chinese assets [3] Group 3 - The willingness of foreign trade enterprises to engage in currency exchange is increasing, leading to a net inflow in the foreign exchange market [4] - The People's Bank of China's monetary policy is effectively stabilizing exchange rate expectations, reducing the likelihood of rapid appreciation or depreciation of the Renminbi [4] - The market's expectation of a stable Renminbi value is likely to persist, although the introduction of more exchange rate hedging tools may increase the volatility of the Renminbi in the future [4]
国际媒体沙龙 | 探究中国经济转型新动态
Sou Hu Cai Jing· 2025-07-22 15:20
Group 1: Economic Transformation Insights - The core theme of the event was "Transforming Chinese Economy: Pathways and Prospects," focusing on macroeconomic background, opportunities, challenges, and policy directions [2] - Liu Qiao emphasized that China's strategy to maintain growth is through productivity enhancement, framing the US-China trade friction as a competition of total factor productivity (TFP) rather than a trade imbalance issue [4] - Liu Qiao noted that despite a decline in TFP growth, the "new quality productivity" strategy centered on technological innovation, industrial upgrading, and structural reform could restore TFP growth to 2%, supporting a sustainable GDP growth of 5% in the future [4] Group 2: Inflation and Demand Challenges - Color analyzed the current deflationary pressures in China, highlighting that both CPI and PPI are on a downward trend, with CPI recently turning negative, indicating increasing deflationary pressure [6] - The main causes of this deflation include strong supply capacity, weak demand, and tight monetary policy, with GDP growth projected at 5.3% and industrial value-added growth at 6.4% for the first half of 2025, while retail sales growth is only 5% [6][8] - Color pointed out that structural and long-term characteristics of deflation are evident, with traditional manufacturing facing overcapacity and a shift in demand towards high-end sectors [8] Group 3: Consumption and Trade Structure - Tang Yao focused on the need to develop consumer demand in China to lay a foundation for long-term economic growth, noting that while goods consumption is comparable to the US, service consumption is significantly lower [10] - The booming concert market and local sports leagues indicate a strong consumer willingness for service consumption, with the service sector seen as a key area for consumption growth [10] - Tang Yao observed that despite the turbulence caused by the Trump administration, global trade has shown resilience, with China's trade becoming more diversified and increasing integration with emerging economies [10]
2024年驾驭新经济生成式AI对全球行业与区域经济的影响研究报告
Sou Hu Cai Jing· 2025-07-15 07:21
Group 1 - Generative AI (GenAI) is expected to significantly reshape global productivity, industry dynamics, and regional economies over the next decade, with a focus on its impact on total factor productivity (TFP) across various sectors [1][4][22] - The healthcare sector is projected to be the largest beneficiary of GenAI, with TFP growth estimated between 1.2% and 2.5% by 2033, driven by advancements in diagnostics, patient management, and operational efficiencies [2][35] - Advanced manufacturing, particularly in computer and medical equipment, is also set to experience substantial TFP gains, estimated at 1.0% to 2.4%, as GenAI transforms production processes and supply chain management [3][35] Group 2 - Developed regions such as Asia-Pacific, Western Europe, and North America are expected to see the most significant GDP growth due to GenAI, with increases ranging from 1.0% to 2.3% in these areas by 2033 [4][22] - In contrast, regions like South Asia and Sub-Saharan Africa are anticipated to experience limited GDP growth, with TFP improvements only between 0.05% and 0.1%, due to weaker technological infrastructure and talent shortages [4][8] - The report highlights that GenAI's influence extends beyond direct productivity gains, as it also affects trade and capital flows, creating a cycle of economic expansion in regions that rapidly adopt these technologies [5][22] Group 3 - The report indicates a widening gap between industries benefiting from GenAI and those lagging behind, with sectors like education, public administration, and professional services also poised for significant productivity enhancements [6][22] - Conversely, industries such as agriculture, construction, and traditional mining are expected to see modest TFP growth, ranging from 0.2% to 1.0%, due to their lower labor cost structures and higher dependency on manual processes [6][22] - The spillover effects of GenAI are noted, where industries with limited direct application can still benefit indirectly from growth in manufacturing and services, leading to increased demand in sectors like real estate and utilities [6][8] Group 4 - The uneven distribution of GenAI's productivity benefits is reshaping global competitiveness, with Western economies likely to achieve TFP increases of 0.9% to 1.8%, primarily in healthcare and manufacturing [7][22] - Emerging markets in Central and Eastern Europe, Latin America, and ASEAN are expected to see moderate TFP growth of 0.3% to 0.7%, often through the adoption of GenAI technologies in manufacturing processes [7][8] - The report emphasizes that regions with lower capital mobility may find new opportunities in traditional sectors as demand for basic products rises in developed countries focusing on GenAI-intensive industries [8][22]
申万宏源王胜:我相信我们正站在中国资产长线上涨的前夜
晚点LatePost· 2025-04-09 15:09
几周之前曾被热议的中国资产重估逻辑,还继续有效吗? 制图 丨 黄帧昕 编辑 丨 王姗姗 4 月 2 日特朗普签署所谓 "对等关税" 行政令,宣布 美国对所有贸易伙伴加征 10% 的 "最低基准关 税", 并对部分贸易伙伴征收更高关税,其中给中国的 "对等关税" 税率达到 34%。此后连续三个交易 日(至 4 月 7 日),全球金融市场暴跌,美国股市蒸发了超过 6 万亿美元。港股则在 4 月 7 日抹平了 开年以来所有涨幅,上证指数创下 8 年来最大单日跌幅。 本周,中美关税争端还在继续升级。4 月 8 日,美国针对中国政府的坚决反制,报复性地宣布对中国 输美商品征收 "对等关税" 的税率由 34 % 提高至 84 %。 中国并不示弱,4 月 9 日反制进一步升级 ——对美加征关税税率由 34 % 提高至 84 %。 "这是一个史诗般的经济和市场事件。" 美国著名基金经理比尔·格罗斯(Bill Gross)在上周表示,本 轮美国关税政策调整的影响,形同 1971 年和金本位制的终结但会带来直接的负面后果,因此他呼吁 投资者不应该试图 "接下落的刀"。 反映市场波动率的芝加哥期权交易所 VIX 指数,也被称为 " ...
“对等关税”冲击下A股表现坚挺,大消费方向逆市大涨
Xin Hua Cai Jing· 2025-04-03 05:49
Core Viewpoint - The A-share market showed resilience despite a significant drop in the Asia-Pacific stock markets due to the impact of the US "reciprocal tariffs," with the Shanghai Composite Index rebounding during the trading session [1]. Market Performance - The Shanghai Composite Index opened lower but managed to rise, with the Shanghai 50 Index and the Sci-Tech 50 Index performing well, driven by strong bank stocks and rising chip stocks respectively [1]. - On March 4, the Shanghai 50 Index recorded a slight increase of 4.54 points, or 0.17%, with a trading volume of 432.09 billion [2]. Sector Performance - The consumer sector saw notable gains, with industries such as tourism, agriculture, and liquor leading the way in terms of percentage increase [3]. - Specific sectors that performed well included: - Animal Health: +5.41% - Tourism and Scenic Areas: +2.50% - Hotel and Catering: +1.83% - Agriculture: +1.00% [3]. Economic Policy Context - The government has prioritized boosting consumption and enhancing investment efficiency as a key task for 2025, as outlined in the national government work report [4]. - Analysts emphasize the importance of domestic demand in light of external shocks from tariff increases, leading to expectations of policy measures to stimulate consumption [5]. Consumer Trends - The transformation and upgrading of consumer spending in China are driven by two main factors: historical growth in production capacity and the need for domestic demand to stabilize the economy amid global uncertainties [5]. - The outlook for consumer spending is positive, with potential for significant growth driven by enhanced consumer confidence and long-term structural changes in the economy [5]. Key Consumer Areas - Five leading areas for consumer spending upgrades have been identified: 1. Technology durable goods, with a demand space of trillions of yuan 2. Culture and tourism, currently the fastest-growing consumption sector 3. Silver economy and healthcare, with strong potential due to an aging population 4. Real estate upgrades, with a demand for hundreds of millions of square meters in old housing renovations 5. Scarce gold, which is experiencing a global central bank buying trend, appealing for both value preservation and consumption [6].