China's economic hot spot scanning
On March 5, the government work report made it clear that the GDP growth target in 2022 was 5.5%
On March 5, Premier Li Keqiang delivered the government work report on behalf of the State Council at the fifth session of the 13th National People's Congress. It is pointed out that the main expected development goals for this year are: China's GDP growth of about 5.5%; More than 11 million new jobs were created in cities and towns, and the urban survey unemployment rate was controlled within 5.5% throughout the year; Consumer prices rose by about 3%; The growth of residents' income basically kept pace with economic growth. China integrity International believes that the 2022 government work report has the following five highlights at the macro-economic level: first, the growth target of 5.5% reflects the "seeking progress in stability" of the macro-economy. Second, the pace of fiscal policy is ahead of schedule, and the fiscal deficit rate is "falling in the light and rising in the dark". Third, the monetary policy is inclined to steady growth, and the credit environment may continue to improve. Fourth, risk prevention remains an important task, and the requirements for the "effectiveness" of investment will continue. Fifth, the binding effect of energy consumption target on steady growth or temporary marginal relaxation.
On March 7, import and export data showed that the margin of foreign trade boom weakened
On March 7, the General Administration of Customs released the import and export data from January to February. The margin of foreign trade boom weakened, and the growth rate of export and import slowed down. From January to February, the import and export volume was 973.4 billion US dollars, a year-on-year increase of 15.9%. Among them, exports amounted to 544.7 billion US dollars, a year-on-year increase of 16.3%, which failed to continue the growth rate of more than 20% for five months since August last year; Imports amounted to US $428.7 billion, a year-on-year increase of 15.5%, further falling after the year-on-year growth rate fell below 20% in December last year. The trade surplus reached US $116 billion, an increase of US $12.7 billion over the same period last year.
On March 9, the Bureau of statistics released price data. CPI remained depressed and the decline of PPI slowed down
On March 9, the Bureau of statistics released the price data of February. CPI remained in the doldrums and the decline of PPI slowed down under the sharp rise of oil price. In February, affected by the sufficient supply and the fall in demand after the festival, the year-on-year decline of food prices expanded this month, and the year-on-year increase of non food prices rebounded due to the rebound of industrial consumer goods prices. CPI rose 0.9% year-on-year, in line with the previous value. It rose 0.6% month on month, up 0.2 percentage points from the previous value. Excluding energy and food, the core CPI was 1.1%, down 0.1 percentage points from the previous month. The new price increase factor this month was 1%, and the influence of tail warping factor was - 0.1%. PPI continued its downward trend since the end of last year, falling 0.3 percentage points to 8.8% compared with the previous value, and the month on month growth rate changed from decline to 0.5%, rising 0.7 percentage points compared with the previous value.
On March 11, the performance of social finance was weaker than expected, and credit relief still needs to be strengthened
On March 11, the people's Bank of China released financial data. The performance of social finance was weaker than expected, and credit relief still needs to be strengthened. In February 2022, social finance increased by 1.19 trillion yuan, 4.98 trillion yuan less than last month and 534.3 billion yuan less than the same period last year. The stock of social finance increased by 10.2% year-on-year, down 0.3 percentage points from the end of last month. Although there were large fluctuations in new social finance due to seasonal factors at the beginning of the year, the growth rate of stock social finance was lower than that at the end of 2021, or it indicates that credit relief still needs to be strengthened. M2 decreased by 2.9% year-on-year. M1 increased by 4.7% year-on-year and 6.6 percentage points over the previous month. New short-term loans and bill financing increased by 161.4 billion yuan and 490.7 billion yuan respectively compared with the same period last year, while new medium and long-term loans decreased by 594.8 billion yuan compared with the same period last year. This shows that the current financing demand of the real economy has not improved significantly in the short term, and banks mainly offset the credit line through short-term loans and bill financing.
