Today's Perspective: A number of heavy data reflects China's economic growth toughness

On September 9, a number of heavy data was released: the National Bureau of Statistics released the national CPI (residential consumer price index) and PPI (industrial producer factory price index) data in August 2022; the People's Bank of China released financial statistics in August.

Although the current downward pressure on China's economy is relatively large, the changes in the above -mentioned data reflect the continuous enhancement of my country's economic toughness and kinetic energy.

The consumer market is generally stable, and prices are expected to continue to run in a reasonable range. Data show that in August, CPI rose by 2.5%year -on -year, and from 0.5%in July to 0.1%from July, a year -on -year increase below 2.8%of the previous market expectations, and continued to maintain a moderate rising range.

In recent months, my country's CPI gains have been operating in a reasonable range, which is in sharp contrast to international high inflation. On the one hand, it is the strong stimulus policy of "large water drilling" in my country. In the face of international input inflation, the domestic market has increased the stability and price; Egg milk production capacity is stable, and the area and yield of vegetables in the fields increase, which means that the price situation is expected to continue to be stable during the year, and it will provide sufficient space for the flexible adjustment of macro policies.

In addition, in August, PPI rose by 2.3%year -on -year, an increase of 1.9 percentage points from the previous month, a decrease of 1.2%month -on -month, and a decrease of 0.1 percentage points from July.

The National Bureau of Statistics stated that in addition to the impact of the comparison base of the same period last year in the same period of the previous year, the PPI increased was also mainly affected by the price of commodities such as international crude oil and non -ferrous metals. The effect of supply continues to appear, the market supply guarantee is strong, and the demand for industries such as steel is weak.

Judging from the situation in the next stage, insufficient demand is still the main contradiction of the current economic operation, but the policy of maintaining stability and price will continue to advance. The contradiction between the supply and demand of some domestic energy and raw materials has eased. It will continue to continue to fall.

In addition, financial data recovered in August and revealed positive signals. Data show that in August, RMB loans increased by 1.25 trillion yuan, a year -on -year increase of 39 billion yuan. From the previous month, the increase in the new scale of 679 billion yuan in July, an increase of significant increases. From the perspective of the sub -department, household loans increased by 458 billion yuan, of which short -term loans increased by 192.2 billion yuan, and medium- and long -term loans increased by 265.8 billion yuan; enterprises (things) industry units loans increased by 875 billion yuan.

The recovery of medium and long -term loans for enterprises means that financial institutions' support for enterprises is increasing. Since the beginning of this year, financial institutions have used various monetary policy tools to increase loans to better meet the needs of real economy financing. In addition, short -term loans of residents have also improved significantly, which means that consumption confidence has recovered and the willingness to consume is increased.

As can be seen through the above data, with the successive effect of a policy of stabilizing the economy and the continuation measures, more and more positive factors for economic growth will be. For future economic growth, we are confident to maintain optimistic expectations.

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