The economy was generally stable in the first quarter
In the first quarter, GDP increased by 4.8% year-on-year, basically stable; In the first quarter, the year-on-year growth rate of exports and investment was high, and the growth rate of consumption was low due to the repeated impact of the epidemic, which was a great drag on the economy. In March, affected by the repeated conflict and epidemic situation between Russia and Ukraine, the economy declined rapidly.
In the first quarter, new credit and social finance reached a new high in the same period, with strong steady growth
In the first quarter, the new credit was 8.34 trillion yuan and the new scale of social finance was 12.02 trillion yuan, all reaching a new high in the same period. At the end of March, the year-on-year growth rate of RMB loan balance, M2 balance and social finance stock rebounded, highlighting the great determination to stabilize growth. Since the end of the two sessions, policies have placed steady growth in a more prominent position, coordinated steady growth, adjusted structure, promoted reform, and stabilized the macro-economic market.
The performance of upstream industries was good in the first quarter
From January to February, the mining industry above designated size increased by 1.32 times year-on-year, the manufacturing industry decreased by 4.2%, and the production and supply of electricity, heat, gas and water decreased by 45.3%. As of April 21, the net profit of 763 companies that have disclosed their performance in the first quarter of 2022 increased by 59.74% year-on-year, including 77.68% in the upstream industry and 68.32% in the midstream industry.
Risk tips
The deterioration of the epidemic exceeded expectations, geopolitical changes exceeded expectations, and the Fed raised interest rates faster than expected.
