日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Policies

Analysts stay upbeat on prospects for economy

By OUYANG SHIJIA and ZHOU LANXU | CHINA DAILY | Updated: 2022-04-01 07:25
Share
Share - WeChat
An employee works on the production line of an engineering equipment manufacturer in Yantai, Shandong province. [Photo by Tang Ke/for China Daily]

China's manufacturing activities contracted in March for the first time in five months due to various uncertainties and negative impacts from home and abroad.

However, analysts and officials remain upbeat about the medium- and long-term prospects of the Chinese economy, as the country still has room for macro policy fine-tuning and adjustments.

They expected a stronger fiscal policy and more easing monetary measures in the coming months to further shore up growth, including tax reductions, more infrastructure investment, and interest rate and reserve requirement ratio cuts.

The purchasing managers index for China's manufacturing sector stood at 49.5 in March, compared with 50.2 in February, data from the National Bureau of Statistics showed, slipping into contraction after staying in expansionary territory for four consecutive months. The 50-point mark separates growth from contraction.

The nonmanufacturing PMI, which covers the services and construction sectors, was at 48.4 versus 51.6 in February, slipping into contraction for the first time in seven months, according to the NBS.

Zhao Qinghe, a senior statistician with the NBS, said the resurgence in COVID-19 cases that affected some areas has dealt a blow to service sectors, such as transportation, accommodations and catering.

For manufacturers, the resurgence has affected the production and operation of some enterprises, and the escalating geopolitical tensions led to a decline in or the cancellation of export orders, Zhao said.

Zhao added that midstream and downstream enterprises are also facing pressure from the rising costs of raw materials, with surging commodity prices clouding the outlook.

However, businesses remained upbeat about future business prospects, Zhao said. The enterprises surveyed said that suppressed demand and production would gradually recover with the government's effective measures to control the pandemic, and the market is likely to rebound.

Despite the downward pressures, Luo Zhiheng, chief economist at Yuekai Securities, highlighted that the high-tech manufacturing PMI had stayed in expansionary territory, saying this indicates the steady progress of economic structural transformation and high-quality development.

Luo said the current economic situation requires a proactive fiscal policy, such as promoting the issuance of local government special bonds to accelerate infrastructure construction and stabilize investment, and more efforts should also be made to ensure the basic livelihood of people affected by COVID outbreaks.

Wu Chaoming, deputy director of the Chasing International Economic Institute, estimated that the manufacturing PMI reading may expand above the 50-point mark in the following months with the help of the government's effective measures to control the pandemic and stabilize growth.

Experts said the intensifying economic headwinds could persuade the People's Bank of China, the country's central bank, to launch near-term easing measures such as cutting the reserve requirement ratio and policy interest rates.

At its first-quarter monetary policy committee meeting, the PBOC declared its determination to stabilize the economy by pledging "more substantial support" for the real economy and efforts to improve the transmission mechanism of monetary policy, according to a statement released on Wednesday.

The statement highlighted the emerging challenges posed by escalating geopolitical tensions and more frequent domestic COVID-19 outbreaks, in addition to the lingering pressures from shrinking demand, supply shocks and weaker expectations.

Yu Yongding, a senior economist at the Chinese Academy of Social Sciences, said China should stick with a fairly expansionary monetary policy to ensure the stabilization of growth, in spite of overseas central banks' interest rate hikes and potentially higher inflationary pressure.

"The risk of inflation has risen due to changes in the international environment. But monetary tightening won't be the sensible solution to inflation caused by supply shocks," Yu said.

If inflationary pressure worsens amid restrictions on the global commodity supply, responsive measures other than monetary policy should be taken, as tightening monetary policy in such circumstances risks triggering deflation, said Yu, who is also a former member of the PBOC's monetary policy committee.

It is advisable for the PBOC to further ease credit conditions to tide over small and medium-sized enterprises amid difficulties while supporting infrastructure investment by reducing the financing costs of related government bonds, he added.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 日韩免费网站 | 剑来高清在线观看 | 高清性做爰免费无遮挡网站 | 国产成人精品一区二区三区视频 | 欧美亚洲理伦电影毛片在线播放 | 久久娱乐网| 亚洲一一在线 | 日韩欧美在线免费观看视频 | 欧美一区二区三区大片 | 91av在线电影 | 成人毛片100免费观看 | 一级欧美日韩 | 四虎国产视频 | 欧洲成人午夜免费大片 | 国产亚洲综合一区在线 | 亚洲日韩中文字幕一区 | 亚洲youjizz| 欧美日韩中文字幕在线视频 | 精品福利视频一区二区三区 | 亚洲成人一区 | 久久久久久国产视频 | 久久蜜桃亚洲一区二区 | 一区二区三区日韩精品 | 国产成人精品免高潮在线观看 | 色综合成人网 | 久久综合玖玖爱中文字幕 | 国产成人在线观看免费网站 | 成人网在线播放 | 亚洲国产午夜精品乱码 | 69性影院在线观看国产精品87 | 欧美三级 欧美一级 | 久久久av| 男女配种超爽免费视频 | 日日操夜夜摸 | 亚洲精品视频久久久 | 深夜激情视频 | 国产精品久久久久久日本 | 欧美精品1区2区3区 国产午夜精品理论片影院 亚洲精品不卡久久久久久 三级网站免费观看 | 91短视频社区在线观看 | 国产精品视频二区不卡 | 精品视频日本 |