Episode Details

China's price levels remained subdued in May, leaving ample room for further monetary easing and robust fiscal stimulus in the remainder of the year, analysts said on Monday.

分析人士周一表示，中国5月份物价水平保持低位，为今年剩余时间进一步放松货币政策和实施强劲财政刺激措施留下了充足的空间。

They said more policy support is needed to shore up demand in the world's second-largest economy, as policymakers navigate a more complicated and challenging external environment amid trade tensions with the United States.

他们表示，在与美国贸易紧张局势加剧的背景下，决策者需要更多政策支持来提振全球第二大经济体的需求，因为政策制定者正在应对更加复杂和具有挑战性的外部环境。

Their comments came as data released by the National Bureau of Statistics showed that the country's consumer price index, the main gauge of inflation, fell by 0.1 percent year-on-year in May, the same as in the previous month.

他们发表上述言论之际，国家统计局发布的数据显示，5月份，作为通胀主要衡量指标的中国居民消费价格指数（CPI）同比下降0.1%，与上月持平。

Wen Bin, chief economist at China Minsheng Bank, linked the subdued consumer prices to seasonal factors and a decline in oil prices, while noting the improvement in core CPI, suggesting the resilience of the domestic economy.

中国民生银行首席经济学家温彬将CPI低迷归因于季节性因素和油价下跌，同时指出核心CPI的改善表明国内经济具有韧性。

The core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the demand-supply relationship, increased 0.6 percent year-on-year in May, up from a 0.5 percent rise in April, NBS data showed.

国家统计局数据显示，剔除食品和能源价格的核心CPI同比上涨0.6%，较4月份的0.5%进一步回升，被视为衡量供需关系的更优指标。

On factory-gate prices, Wen said the decline reflected ongoing imported price pressures. "Although risk appetite increased early in the month due to favorable progress in US-China talks, with a slight rebound in commodity prices, excluding gold, commodity prices later dropped again as tariff threats resurfaced," he said.

关于出厂价格，温彬表示，CPI的下降反映了持续的进口价格压力。他表示：“尽管本月初受中美贸易谈判取得积极进展的影响，风险偏好有所回升，除黄金以外的大宗商品价格略有反弹，但随着关税威胁再次浮现，大宗商品价格随后再次下跌。”

Listen Now