The National Bureau of Statistics of China released inflation data on Friday (June 9). In May, the resident consumer price index (CPI) built a background, an increase of 0.2%year -on -year.The year -on -year increased by 0.6%, the increase fell from the previous month.
In May, CPI decreased by 0.2%month -on -month, and non -food prices rose from 0.1%to 0.1%from last month, of which the price of air tickets and transportation lease fees decreased by 7.2%.
Affected by the decline in international commodity prices, weakened domestic and foreign demand and base, industrial producers' factory price index (PPI) decreased by 4.6%year -on -year to the lowest since March 2016.
Wang Jun, chief economist of Huatai Assets, analyzed the United Morning Post that the CPI in May was at a low position, which met expectations and was dragged down by two factors. One was to drag traffic in the international market crude oil prices.One is food price.
He said that the CPI in May has risen and decline, and uneven hot and cold. Overall is structural price fluctuations, similar to the current situation of China's economic recovery, the service industry is better, and the manufacturing industry is relatively weak.It is also the reflection of the current economic structural issues in China, and it also has the effects of base factors.
CPI rose weakly, PPI continued to accelerate the decline. In May, most economic indicators were weakened from April, showing that the Chinese economic recovery was more weak.Many economists have called on Chinese officials to officially introduce more stimulating policies to take care of economic recovery.
Liu Yuanchun, president of Shanghai University of Finance and Economics, was proposed during the 14th Lujiazui Forum on Thursday that China should cut interest rates to support economic recovery.He said that the cost of lending in private enterprises is much higher than that of state -owned enterprises, and officials should guide the benchmark loan interest rate to reduce the loan interest rate to reduce the loan interest rate of private enterprises, which will help the Chinese economy recovery.
The six state -owned banks in China have lowered multiple products of RMB deposit interest rates on the same day. Analysts may lay the foundation for reducing loan interest rates.Bloomberg economists expect the People's Bank of China to reduce the interest rate (MLF) interest rates (MLF) interest rates next week, and Chinese official media also call for timely optimization and adjustment of real estate restrictions on first -tier cities.
Wang Jun pointed out that if the Chinese economy wants to get out of weakness, the state of the bottom will take a certain time. In the case of weak inside and outside, if there is no counter -cycle macroeconomic policy support, the established goals must be achieved.getting bigger.
But Wang Jun also added that there is sufficient ammunition in the Chinese government's policy tool box. The conventional policy measures are far from being used, and traditional reduction rates still have a lot of space.
The Chinese government has set a 5%growth target for this year. Although the recent economic activities have been weak, most economists expect this goal to achieve.
