May 03, 2024

CPI: Three-year high export: four consecutive increases in growth rate

Since the beginning of this year, the macro economy has faced the double challenge of increasing inflationary pressures and slowing economic growth, and this problem has become more prominent in June: data show that the consumer price index (CPI) rose by 6.4% in June, a three-year period. In the same period, the growth rate of exports has dropped for four months, and the growth rate of imports has also hit a new low of 20 months. The previously released PMI fell to near the line of glory. According to data released by the National Bureau of Statistics on the 9th, the CPI in June rose by 6.4% year-on-year, a record high in three years. Analysts generally believe that the fall in the price of high prices in the second half of the year has become a trend, but the pace of decline is slow. This shows that managing inflation expectations is still the focus of recent work. On the other hand, signs of a slowdown in economic growth are beginning to emerge. According to data released by the General Administration of Customs yesterday, although the export scale in June was a historical record, the growth rate fell for four consecutive months in the market expectation; imports increased by 19.3% year-on-year, which was about 9 percentage points lower than that of the previous month. And hit a new low of nearly 20 months. Moreover, the market is not optimistic about foreign trade for some time to come. The continuous decline in exports has caused a sharp drop in net exports, and the fall in imports also indicates a sluggish domestic demand, which has made the economic troika seem weak, and concerns about the economic downturn have become a reality. In a short period of time, steady growth and inflation control seem to be a contradiction between the two. Zhang Liqun, a macroeconomic researcher at the Development Research Center of the State Council, said in an interview with this reporter that China's current economic transformation is at a critical period. The government's strength and market forces are mutually evolving, leading to the mutual transformation of inflation and economic growth. This is a macroeconomic policy. The proper control of the control poses an unprecedented challenge. Market participants have noticed that while stabilizing prices as the primary task of current macroeconomic regulation and control, a series of policy measures for stable growth have been introduced one after another, and some new growth points have begun to appear: 10 million sets of affordable housing plans during the year, allowing local debt issuance Under the escort of financing, it was quickly implemented. The just-concluded Central Water Conservancy Work Conference once again clarified the development plan for the next 10 years of water conservancy construction in the Central Document No. 1 at the beginning of the year. The water conservancy investment of 4 trillion yuan will undoubtedly become a strong support for China's economic development in the next 10 years. Has been raised to an unprecedented height, the "Domestic Trade Development Plan" is expected to be introduced within the year, the New Deal will stimulate consumption.

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