China's October consumer price index reappeared negative growth after two months, and the pressure of shrinkage continued, highlighting that Beijing faced challenges to promote domestic demand to promote economic recovery.Scholars of interviewees pointed out that to promote consumption recovery, the key is to rely on government investment to promote investment in the whole society, thereby increasing employment and increasing residents' income.
The data released by the National Bureau of Statistics of China on Thursday (November 9) showed that in October, the consumer consumer price index (CPI) decreased by 0.2%year -on -year, and it has declined again since July.
From January to October this year, China's CPI increased by only 0.4%over the same period last year.This is far less than the official setting of CPI 3%year -on -year this year at the beginning of the year.
Dong Lijuan, chief statistician of the National Bureau of Statistics, interpreted that in October, the CPI declined, mainly affected by factors such as the decline in consumer demand, sufficient supply of agricultural products, and clear weather.
Food prices have declined, especially pork prices have dropped sharply.According to data from the Bureau of Statistics, the price of pork in China fell by 30.1%year -on -year, an increase of 8.1 percentage points, which affects the decrease of CPI by about 0.55 percentage points.However, in October, non -food prices also fell, and rose by 0.2%in September to flat.Among them, the price of communication tools such as mobile phones decreased by 0.3%month -on -month, a year -on -year decrease to 3.8%, and the price of transportation such as cars decreased by 0.2%month -on -month, and the year -on -year decrease was 4.8%.
Senior researcher at China Minsheng Bank should analyze in the interview with Xi Wenwen that the overall price of durable consumer goods is weak, mainly because of the decline in foreign demand, cars and consumer electronics products have a certain amount of confession in the domestic market.
Since this year, Chinese consumers have been in a weak state. July CPI appeared for the first negative growth since February 2021; August to get rid of shrinkage , a slight increase of 0.1%year-on-year; September rose to the same.The People's Bank of China has predicted in August that prices will rebound from the period of summer difficulties, but the latest data show that the central bank's assessment seems too optimistic.
Bloomberg analyzed that China's inflation rate has always been very low this year, mainly due to domestic and foreign factors such as the continued downturn of real estate, weak consumer confidence, global commodity prices declined from a high point last year, and weak demand for Chinese manufacturing products.
Zhang Liqun, a researcher at the Macroeconomic Research Center of the Development Research Center of the State Council of China, said in an interview with Lianhe Zaobao that the price fell in October, indicating that the food supply supply was solid and "dispel the worry of inflation", not the slowdown in food prices slowed down, indicating that it shows that it shows that it meansThe foundation of consumer demand is not solid.
He said: "The current employment and income situation is not good. To promote consumption, the most important thing is to increase employment and residential income."
The trend of the CPI looking forward to it should study and judge that the weak price in October may last about a quarter.He said that in the Spring Festival in 2024, in the case of base effect and fiscal policy in the fourth quarter, the CPI center may be able to return to the gentle uplink range.
On the other hand, the latest data of statistics show that in October, the decline in industrial producers' ex -factory price index (PPI) narrowed in three consecutive months, a year -on -year decrease of 2.6%, a decrease of 0.1 percentage points from September.This is the 13th consecutive month of PPI.
Zhang Liqun analyzed, the trend of PPI shows that the demand for enterprises is relatively common.He said that expanding domestic demand, especially to play the key role of government investment in expanding domestic demand, this is "very critical and very important."
