Global inflation has soared, and China has become a clear current

Looking at the world, since last year, the era of low inflation for more than ten years has been temporarily ended, and the world is experiencing a wave of inflation.

In terms of developed countries, the consumer price index (CPI) in the United States, the United Kingdom and the Eurozone in May (CPI) reached 8.6%, 9%, and 8.1%year -on -year. In terms of emerging economies, Turkish and Argentina's CPIs increased by 73.5%and 55%year -on -year in May, showing a vicious inflation situation.

In contrast, China ’s CPI in May increased by 2.1%year -on -year, and the core CPI (excluding food and energy prices with large fluctuations) increased by 0.9%year -on -year. The overall inflation rate in the first five months of this year increased by 1.5%, which was significantly lower than other than other than others. Major economy.

Global inflation is in full swing, why can China be a clear current?

Based on the views of the South China Morning Post and the Wall Street Journal, China ’s inflation rate is not as high as the United States, Europe and other economies, and there may be several factors.

First of all, the high level of inflation in Europe and the United States, the extremely loose monetary policy and active fiscal policy during the epidemic period have become important pushes.

Taking the United States as an example, the two governments have launched a large -scale rescue plan with a total amount of more than 6 trillion US dollars; the Fed not only directly cuts interest rates to zero, but also launches a "unlimited" quantitative easing policy. The balance sheet has doubled to 89,000 within two years to 89,000 One hundred million U.S. dollars. The seeds of high inflation in the United States were buried.

Compared with European and American "opening and putting water", the Chinese government has a cautious attitude towards the comprehensive stimulus plan, always avoiding excessive loose monetary policy, and has not injecting too much liquidity into the market.

Secondly, supply and demand is seriously not matched, which is the continuous structural reasons for high inflation in Europe and the United States.

The loose monetary policy stacks strong fiscal stimuli, and the total demand has excessively expanded. However, in terms of supply, some countries in Europe and the United States have seriously rely on imports in energy, consumer goods and other fields, and are unable to be self -sufficient in China. Affected by the new crown epidemic, the global supply chain cannot operate smoothly for a long time. The outbreak of Russia and Ukraine's conflict and a series of sanctions on the West were poured on the fire. The supply order of global energy, minerals and food was impacted, and the prices of commodities rose rapidly.

In contrast, China's situation is different. Its industrial capacity and trade surplus are large, and the grain and coal are basically self -sufficient, and have a large space to respond to the price increase of commodities. Under external pressure, the Chinese government has worked hard to achieve the self -digestion of input inflation through various methods such as production capacity release and reserve regulation to reduce the impact of market fluctuations.

"China has a large number of strategic commodity reserves, which can be used to curb price pressure." The Wall Street Journal said that last summer, the authorities began to release metals including copper and aluminum from national reserves, and also released beans, rice and wheat. Supply.

Economist Isabella Weber, an economist at the University of Massachusetts, said that China can call on state -owned enterprises to act as a buffer to digest a higher import price of basic products instead of immediately passed on to consumers. For example, when the price of oil is too high, the Chinese oil refinery will "eat" some price increases, thereby reducing the cost of gasoline for car owners.

Furthermore, "The proportion of commodities and services in Chinese CPI baskets is different from Western countries such as the United States." The South China Morning Post said that Chinese residents attach more importance to food and food, and American residents attach more importance to their lives, and they are more vulnerable to global energy Prices and impact of domestic currency conditions.

Some analysts estimate that food accounts for about 18.4%of Chinese CPIs, while the United States is 7.8%; clothing accounts for 6.2%of Chinese CPIs, while the United States is 2.8%; The United States is 32%; transportation accounts for 10.1%in China's CPI, and the United States is 15.1%.

Finally, the U.S. government's improving tariffs and trade sanctions such as tariffs and trade sanctions have helped to high inflation.

During Trump's term, he waved trade sanctions. After the Biden government came to power, not only Xiao Ji Cao Sui, but also made the idea of ​​"de -China" in terms of key product supply chains, which not only disrupted the normal trade order, but also hindered the smooth operation of the global supply system. Commodity price.

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