<p>[北京] 尽管受到伊朗战争的干扰，中国在三月份减少了财政支出，因为经济在年初复苏。</p>
<p>根据彭博社基于财政部数据的计算，公共支出的广泛指标上个月同比下降了 2.5%，是自去年十月以来的最大降幅。</p>
<p>相比之下，广泛的财政收入增长了 3.4%，是自去年七月以来的最高增幅，导致赤字超过 1.5 万亿元人民币（约合 2808 亿新元）。</p>
<p>作为全球第二大经济体，中国在第一季度的增长超出预期，制造业强劲反弹，扭转了去年年底的颓势。中东冲突尚未对中国构成重大威胁，这在一定程度上得益于中国过去加强能源安全的举措。</p>
<p>增长的意外上升可能减少了对财政刺激的需求，超出了今年预算中计划的范围。政策制定者在提供支持时也十分谨慎，因为债务问题日益严重，政府收入不断减少。</p>
<p>在将今年的年度增长目标下调至 4.5% 至 5% 后，北京的紧迫感也有所减弱，这是自 1991 年以来最不雄心勃勃的目标。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/b71b2cf442732fb2532d3a8a52c5329fb42585b55bae55ac347d253021fd57d2/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/b71b2cf442732fb2532d3a8a52c5329fb42585b55bae55ac347d253021fd57d2/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国的全球电动车推动反映了其雄心 - 以及国内严峻的经济现实</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/ebf45650adfb39ae2ce914007941946e729294571a6ee325aa4eac6e891f7d45/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/ebf45650adfb39ae2ce914007941946e729294571a6ee325aa4eac6e891f7d45/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>尽管人工智能扰乱了就业市场并导致薪资削减，中国的年轻工人如何保障自己的未来</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/121e179ca35340f370ed8d08b4fc4d61f027d8d72c668010113399cbc623dcbd/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/121e179ca35340f370ed8d08b4fc4d61f027d8d72c668010113399cbc623dcbd/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>随着人工智能的普及，关键年龄段的中国失业率激增</h3>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察，送达您的邮箱。</p>
<p>中东冲突仍可能使刺激计划复杂化，因为霍尔木兹海峡的封锁——这一重要的能源水道——正在推高油价，并有可能削弱对中国出口的外国需求。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>

上证全指

纳斯达克中国金龙指数

深证综指

深证成指

上证指数

深证B指

中概股 ETF - PowerShares

中国 MSCI ETF - iShares

中国龙 ETF - Roundhill

上证综指ETF

<p>中国在三月份减少了 2.5% 的财政支出，这是自十月份以来的最大降幅，尽管经济出现反弹。财政收入增长了 3.4%，导致超过 1.5 万亿元的赤字。经济在第一季度意外增长，减少了对额外财政刺激的需求。由于债务上升和政府收入下降，政策制定者持谨慎态度，尤其是在设定了 4.5%-5% 的温和增长目标之后。伊朗持续的冲突可能会使未来的刺激计划变得复杂，特别是随着油价上涨影响到对出口的外部需求</p>

<p>[BEIJING] China pulled back on fiscal spending in March as the economy rebounded at the start of the year despite disruptions caused by the war in Iran.</p>
<div class="lb-trans"><p>[北京] 尽管受到伊朗战争的干扰，中国在三月份减少了财政支出，因为经济在年初复苏。</p>
</div><p>A broad measure of public expenditure fell 2.5 per cent last month from a year earlier, its biggest decline since October, according to Bloomberg calculations based on Ministry of Finance data released on Friday (Apr 24).</p>
<div class="lb-trans"><p>根据彭博社基于财政部数据的计算，公共支出的广泛指标上个月同比下降了 2.5%，是自去年十月以来的最大降幅。</p>
</div><p>By contrast, broad fiscal revenue climbed 3.4 per cent, the most since July, leaving a deficit of over 1.5 trillion yuan (S$280.8 billion).</p>
<div class="lb-trans"><p>相比之下，广泛的财政收入增长了 3.4%，是自去年七月以来的最高增幅，导致赤字超过 1.5 万亿元人民币（约合 2808 亿新元）。</p>
</div><p>The world’s second-biggest economy saw growth pick up more than expected in the first quarter, in a turnaround from the end of last year as manufacturing powered ahead. The conflict in the Middle East has yet to pose a major threat to China, thanks in part to the country’s past moves to beef up energy security.</p>
<div class="lb-trans"><p>作为全球第二大经济体，中国在第一季度的增长超出预期，制造业强劲反弹，扭转了去年年底的颓势。中东冲突尚未对中国构成重大威胁，这在一定程度上得益于中国过去加强能源安全的举措。</p>
</div><p>The surprise upswing in growth may have reduced the need for fiscal stimulus beyond what’s planned in the Budget for this year. Policymakers are also careful in extending support because of mounting debt concerns and shrinking government income.</p>
<div class="lb-trans"><p>增长的意外上升可能减少了对财政刺激的需求，超出了今年预算中计划的范围。政策制定者在提供支持时也十分谨慎，因为债务问题日益严重，政府收入不断减少。</p>
</div><p>There’s also less urgency for Beijing after it lowered its annual growth target to 4.5 to 5 per cent this year- the least ambitious goal since 1991.</p>
<div class="lb-trans"><p>在将今年的年度增长目标下调至 4.5% 至 5% 后，北京的紧迫感也有所减弱，这是自 1991 年以来最不雄心勃勃的目标。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/b71b2cf442732fb2532d3a8a52c5329fb42585b55bae55ac347d253021fd57d2/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/b71b2cf442732fb2532d3a8a52c5329fb42585b55bae55ac347d253021fd57d2?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s global EV push reflects its ambition - and harsh economics at home</h3>
<div class="lb-trans"><h3>中国的全球电动车推动反映了其雄心 - 以及国内严峻的经济现实</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/ebf45650adfb39ae2ce914007941946e729294571a6ee325aa4eac6e891f7d45/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/ebf45650adfb39ae2ce914007941946e729294571a6ee325aa4eac6e891f7d45?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>How China’s young workers are securing their future even as AI disrupts job market, triggers pay cuts</h3>
<div class="lb-trans"><h3>尽管人工智能扰乱了就业市场并导致薪资削减，中国的年轻工人如何保障自己的未来</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/121e179ca35340f370ed8d08b4fc4d61f027d8d72c668010113399cbc623dcbd/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/121e179ca35340f370ed8d08b4fc4d61f027d8d72c668010113399cbc623dcbd?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Unemployment spikes for key Chinese age group as AI use spreads</h3>
<div class="lb-trans"><h3>随着人工智能的普及，关键年龄段的中国失业率激增</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察，送达您的邮箱。</p>
</div><p>The conflict in the Middle East could still complicate stimulus plans, since the blocking of the Strait of Hormuz, a vital waterway for energy, is pushing up oil prices and risks weakening foreign demand for Chinese exports. BLOOMBERG</p>
<div class="lb-trans"><p>中东冲突仍可能使刺激计划复杂化，因为霍尔木兹海峡的封锁——这一重要的能源水道——正在推高油价，并有可能削弱对中国出口的外国需求。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>
</div>

China scales back fiscal stimulus in first month of war in Iran

- 中国三月财政支出同比下降 2.5%，为去年十月以来最大降幅。  
- 财政收入增长 3.4%，赤字超过 1.5 万亿元人民币。  
- 中东冲突或对中国经济造成挑战，但暂未显著影响。

中国在伊朗战争的第一个月缩减了财政刺激措施