<p>[北京] 儘管受到伊朗戰爭的干擾，中國在三月份減少了財政支出，因為經濟在年初復甦。</p>
<p>根據彭博社基於財政部數據的計算，公共支出的廣泛指標上個月同比下降了 2.5%，是自去年十月以來的最大降幅。</p>
<p>相比之下，廣泛的財政收入增長了 3.4%，是自去年七月以來的最高增幅，導致赤字超過 1.5 萬億元人民幣（約合 2808 億新元）。</p>
<p>作為全球第二大經濟體，中國在第一季度的增長超出預期，製造業強勁反彈，扭轉了去年年底的頹勢。中東衝突尚未對中國構成重大威脅，這在一定程度上得益於中國過去加強能源安全的舉措。</p>
<p>增長的意外上升可能減少了對財政刺激的需求，超出了今年預算中計劃的範圍。政策制定者在提供支持時也十分謹慎，因為債務問題日益嚴重，政府收入不斷減少。</p>
<p>在將今年的年度增長目標下調至 4.5% 至 5% 後，北京的緊迫感也有所減弱，這是自 1991 年以來最不雄心勃勃的目標。</p>
<p>另見</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>中國的全球電動車推動反映了其雄心 - 以及國內嚴峻的經濟現實</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>儘管人工智能擾亂了就業市場並導致薪資削減，中國的年輕工人如何保障自己的未來</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>隨着人工智能的普及，關鍵年齡段的中國失業率激增</h3>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察，送達您的郵箱。</p>
<p>中東衝突仍可能使刺激計劃複雜化，因為霍爾木茲海峽的封鎖——這一重要的能源水道——正在推高油價，並有可能削弱對中國出口的外國需求。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>

上證全指

納斯達克中國金龍指數

深證綜指

深證成指

上證指數

深證B指

中概股 ETF - PowerShares

中國 MSCI ETF - iShares

中國龍 ETF - Roundhill

上證綜指ETF

<p>中國在三月份減少了 2.5% 的財政支出，這是自十月份以來的最大降幅，儘管經濟出現反彈。財政收入增長了 3.4%，導致超過 1.5 萬億元的赤字。經濟在第一季度意外增長，減少了對額外財政刺激的需求。由於債務上升和政府收入下降，政策制定者持謹慎態度，尤其是在設定了 4.5%-5% 的温和增長目標之後。伊朗持續的衝突可能會使未來的刺激計劃變得複雜，特別是隨着油價上漲影響到對出口的外部需求</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] 儘管受到伊朗戰爭的干擾，中國在三月份減少了財政支出，因為經濟在年初復甦。</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>根據彭博社基於財政部數據的計算，公共支出的廣泛指標上個月同比下降了 2.5%，是自去年十月以來的最大降幅。</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，廣泛的財政收入增長了 3.4%，是自去年七月以來的最高增幅，導致赤字超過 1.5 萬億元人民幣（約合 2808 億新元）。</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>作為全球第二大經濟體，中國在第一季度的增長超出預期，製造業強勁反彈，扭轉了去年年底的頹勢。中東衝突尚未對中國構成重大威脅，這在一定程度上得益於中國過去加強能源安全的舉措。</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>增長的意外上升可能減少了對財政刺激的需求，超出了今年預算中計劃的範圍。政策制定者在提供支持時也十分謹慎，因為債務問題日益嚴重，政府收入不斷減少。</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>在將今年的年度增長目標下調至 4.5% 至 5% 後，北京的緊迫感也有所減弱，這是自 1991 年以來最不雄心勃勃的目標。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>中國的全球電動車推動反映了其雄心 - 以及國內嚴峻的經濟現實</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>儘管人工智能擾亂了就業市場並導致薪資削減，中國的年輕工人如何保障自己的未來</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>隨着人工智能的普及，關鍵年齡段的中國失業率激增</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察，送達您的郵箱。</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>中東衝突仍可能使刺激計劃複雜化，因為霍爾木茲海峽的封鎖——這一重要的能源水道——正在推高油價，並有可能削弱對中國出口的外國需求。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>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>
</div>

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

- 中國三月財政支出同比下降 2.5%，為去年十月以來最大降幅。  
- 財政收入增長 3.4%，赤字超過 1.5 萬億元人民幣。  
- 中東衝突或對中國經濟造成挑戰，但暫未顯著影響。

中國在伊朗戰爭的第一個月縮減了財政刺激措施