今年以来,中国经济的运行出现了一些值得关注的现象。从宏观层面看,一方面,1-4月社会融资规模达到7.9万亿元的天量水平,流动性极为充裕;另一方面,一季度经济增长7.7%,低于市场预期,比去年第四季度回落0.2个百分点。从4月份数据来看,工业增加值增长9.3%,略低于一季度9.5%的增速。从微观层面来看,发电量、企业开工、货运量、重点产品价格均处于低位。反映制造业 Since the beginning of this year, some notable phenomena have emerged in the operation of China’s economy. From a macro perspective, on the one hand, the scale of social financing in January-April reached a level of a day high of RMB7.9 trillion and the liquidity was extremely abundant. On the other hand, the economic growth in the first quarter was 7.7%, lower than the market expectation, Quarter down 0.2 percentage points. Judging from the data in April, the value-added of industrial added by 9.3%, slightly lower than the growth of 9.5% in the first quarter. At the micro level, power generation, enterprises started, cargo volume, key product prices are at a low level. Reflect the manufacturing industry