• China's Q1 2024 real GDP grew by 5.3%, surpassing the annual target of 5%, but nominal GDP only increased by 4.2%, indicating a deflationary trend with the GDP deflator dropping by 1.1%.
• The deflationary pressure is widespread, affecting both industrial and service sectors, with the service sector experiencing its first negative deflator since data collection began in 1993.
• The current economic situation is characterized by insufficient demand despite strong supply growth, leading to potential risks for corporate profits, personal income, and government revenue amidst ongoing deflation.

• Javier Milei, elected in November 2023, vows to radically transform Argentina's economy amidst inflation, debt, and poverty.
• His economic reforms, including currency devaluation and government spending cuts, have mixed outcomes: some fiscal improvement but continued high inflation and rising poverty.
• Though facing protests and legislative challenges, Milei retains significant public support, with plans to reduce public spending and privatize state-owned enterprises.

• The tourism industry saw a significant boost during the recent May Day holiday, with domestic travel reaching record highs and outbound travel recovering due to visa-free policies. However, per capita spending remained low compared to pre-pandemic levels.
• Despite a total of 295 million domestic trips and a 13.5% increase in total spending from pre-pandemic levels, daily per capita consumption was only three-quarters of what it was before COVID-19. Issues like mispricing and supply-demand imbalances were evident.
• Outbound tourism showed promising recovery signs, with inbound tourists increasing by nearly 99%. Visa-free policies for certain countries significantly boosted inbound tourism, although overall cross-border travel has only recovered to about 80% of pre-pandemic levels.

• In April 2024, China's financial data showed a significant reduction in credit and social financing due to regulatory measures aimed at curbing inefficient capital use and optimizing financial value-added accounting methods. The People's Bank of China reported a decrease in new RMB loans and social financing compared to the previous year.
• The structure of new social financing revealed a notable decline in government bond net financing, recording negative growth for the first time in six years. This was attributed to slower issuance of government bonds and adjustments in corporate bond data classifications.
• To address these issues, the Ministry of Finance announced plans for accelerated issuance of long-term special government bonds starting May 17, 2024. These bonds are intended to support major national strategies and key security areas, with potential implications for market liquidity and coordination with monetary policy.

• In a speech on May 14, President Biden announced the imposition of new "301 tariffs" on $18 billion worth of Chinese imports, significantly increasing tariffs on various products including steel, aluminum, semiconductors, and electric vehicles.
• The move is part of Biden's strategy to appeal to blue-collar voters in swing states ahead of the upcoming election and to reduce dependency on Chinese manufacturing by encouraging domestic production.
• Analysts suggest that while the immediate economic impact may be limited due to pre-existing trade measures and market expectations, the cumulative effect of these tariffs could further strain U.S.-China economic relations and potentially increase inflationary pressures in the U.S.

【本文系数据通用户提前专享】中国经济的外患是跟贸易伙伴的冲突加剧，内忧则是通缩压力加大，这两种风险是制定下一步经济政策时必须关注的

A comparison of the two nations’ experience shows there’s more driving the change than domestic overcapacity.

【本文系数据通用户提前专享】前所未有的狂飙式改革，能否带领阿根廷走出多年来的路线摇摆和经济泥淖？

是政治表演还是贸易战新常态？中国企业如何应对？

中国经济的外患是跟贸易伙伴的冲突加剧，内忧则是通缩压力加大，这两种风险是制定下一步经济政策时必须关注的

超长期特别国债发行、财政发力能否有效提振社融？货币政策该如何与财政政策协同配合？

【本文系数据通用户提前专享】超长期特别国债发行、财政发力能否有效提振社融？货币政策该如何与财政政策协同配合？

前所未有的狂飙式改革，能否带领阿根廷走出多年来的路线摇摆和经济泥淖？

【本文系数据通用户提前专享】是政治表演还是贸易战新常态？中国企业如何应对？

IMF的研究显示，贸易碎片化会让全球经济付出高昂代价，极端情况下，经济损失相当于德国和日本GDP之和

The Politburo wants to reduce China’s housing inventory and stimulate home sales. How will they do it?

中国用电量呈现结构性增长的同时，以美国为代表的全球其他国家用电量增长也可能结构性跳升、面临电力供给瓶颈

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