2012年4月,中国经济增长出现波动。在外贸方面,4月进出口增速延续3月的回落态势,出现超预期下滑。具体而言,出口同比增速为4.9%,低于市场预期的8.9%;进口同比增速为0.3%,低于市场预期的11.9%。由于进口回落的速度快于出口,导致当月贸易顺差扩大至184.26亿美元。从国别来看,4月中国对美国和日本出口增速分别为10%和5.4%,表明美日需求正处于企稳的过程中。欧元区方面,重债国家面临短期实施紧缩和长期刺激增长的两难抉择,经济复苏难见起色,导致4月中国对欧出口增速仍处于负值区间,为-2.4%。其中,对德国、法国、意大利的出口增速分别为-7.3%、-7.6%、-19.7%。在投资方面,经过口径调整后的4月投资增长19%,增速已处于近3年的最低位。其中,1～4月房地产投资同比增长18.7%,较1～3月快速回落4.8个百分 In April 2012, China’s economic growth fluctuated. In foreign trade, the growth rate of import and export in April continued the downward trend in March, with the unexpected decline. Specifically, exports grew 4.9% YoY, lower than the market expectation of 8.9%. Imports grew 0.3% YoY, lower than the market expectation of 11.9%. As imports fell faster than exports, resulting in the month trade surplus expanded to 18.426 billion US dollars. From a country standpoint, China’s export growth to the United States and Japan in April was 10% and 5.4% respectively, indicating that demand in the United States and Japan is in a process of stabilization. In the euro zone, heavily indebted countries faced the dilemma of short-term austerity and long-term stimulus growth. Their economic recovery hardly improved. As a result, the growth rate of China’s exports to Europe in April was still in negative territory at -2.4%. Among them, exports to Germany, France and Italy were -7.3%, -7.6% and -19.7% respectively. In terms of investment, the caliber adjusted investment in April rose 19%, the growth rate has been in the lowest level in nearly 3 years. Among them, real estate investment from January to April increased by 18.7% over the same period of previous year, down 4.8 percentage points from January to March