{"id":80710,"date":"2026-05-19T09:00:53","date_gmt":"2026-05-19T02:00:53","guid":{"rendered":"https:\/\/hbbgroup.net\/china-trade-support-offsets-weak-demand-dbs\/"},"modified":"2026-05-19T11:26:28","modified_gmt":"2026-05-19T04:26:28","slug":"trung-quoc-ho-tro-thuong-mai-dang-bu-dap-cho-nhu-cau-yeu-dbs","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/trung-quoc-ho-tro-thuong-mai-dang-bu-dap-cho-nhu-cau-yeu-dbs\/","title":{"rendered":"Trung Qu\u1ed1c: H\u1ed7 tr\u1ee3 th\u01b0\u01a1ng m\u1ea1i \u0111ang b\u00f9 \u0111\u1eafp cho nhu c\u1ea7u y\u1ebfu \u2013 DBS."},"content":{"rendered":"<div id=\"post-content-section\">\n<p>C\u00e1c chuy\u00ean gia kinh t\u1ebf c\u1ee7a DBS Group Research d\u1eabn \u0111\u1ea7u b\u1edfi Mo Ji \u0111\u00e3 \u0111\u00e1nh gi\u00e1 d\u1eef li\u1ec7u kinh t\u1ebf g\u1ea7n \u0111\u00e2y c\u1ee7a Trung Qu\u1ed1c, nh\u1ea5n m\u1ea1nh r\u1eb1ng th\u01b0\u01a1ng m\u1ea1i \u0111\u1ed1i ngo\u1ea1i m\u1ea1nh \u0111ang b\u00f9 \u0111\u1eafp ph\u1ea7n n\u00e0o cho s\u1ef1 suy y\u1ebfu c\u1ee7a nhu c\u1ea7u n\u1ed9i \u0111\u1ecba trong ti\u00eau d\u00f9ng, \u0111\u1ea7u t\u01b0 v\u00e0 t\u00edn d\u1ee5ng. H\u1ecd cho r\u1eb1ng xu\u1ea5t kh\u1ea9u v\u1eabn duy tr\u00ec kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu t\u1ed1t, trong khi s\u1ea3n xu\u1ea5t c\u00f4ng nghi\u1ec7p v\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh (FAI) c\u00f2n y\u1ebfu, \u0111\u1eb7c bi\u1ec7t trong l\u0129nh v\u1ef1c b\u1ea5t \u0111\u1ed9ng s\u1ea3n. L\u1ea1m ph\u00e1t \u0111ang b\u1eaft \u0111\u1ea7u t\u0103ng th\u00f4ng qua ch\u1ec9 s\u1ed1 PPI trong khi CPI v\u1eabn kh\u00e1 ch\u1eadm. DBS hi\u1ec7n k\u1ef3 v\u1ecdng s\u1ebd kh\u00f4ng c\u00f3 \u0111\u1ee3t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t LPR k\u1ef3 h\u1ea1n 1 n\u0103m n\u00e0o trong 18 th\u00e1ng t\u1edbi, v\u1edbi tr\u1ecdng t\u00e2m h\u1ed7 tr\u1ee3 ch\u00ednh s\u00e1ch chuy\u1ec3n sang c\u00e1c bi\u1ec7n ph\u00e1p t\u00e0i kh\u00f3a.<\/p>\n<h4>S\u1ee9c m\u1ea1nh b\u00ean ngo\u00e0i \u0111\u1ed1i l\u1eadp v\u1edbi s\u1ef1 y\u1ebfu k\u00e9m n\u1ed9i \u0111\u1ecba<\/h4>\n<p>\u201cM\u1eb7c d\u00f9 c\u00e1c cu\u1ed9c \u0111\u00e0m ph\u00e1n th\u01b0\u01a1ng m\u1ea1i M\u1ef9 &#8211; Trung mang l\u1ea1i s\u1ef1 l\u1ea1c quan v\u1ec1 tri\u1ec3n v\u1ecdng th\u01b0\u01a1ng m\u1ea1i, nh\u01b0ng s\u1ef1 suy y\u1ebfu tr\u00ean di\u1ec7n r\u1ed9ng c\u1ee7a nhu c\u1ea7u n\u1ed9i \u0111\u1ecba v\u1eabn l\u00e0 v\u1ea5n \u0111\u1ec1 \u0111\u00e1ng lo ng\u1ea1i. Ti\u00eau d\u00f9ng, s\u1ea3n xu\u1ea5t, \u0111\u1ea7u t\u01b0 v\u00e0 t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng \u0111\u1ec1u ti\u1ebfp t\u1ee5c \u1edf m\u1ee9c y\u1ebfu trong th\u00e1ng 4. Gi\u00e1 n\u0103ng l\u01b0\u1ee3ng t\u0103ng cao c\u00f9ng gi\u00e1n \u0111o\u1ea1n chu\u1ed7i cung \u1ee9ng ti\u1ebfp t\u1ee5c t\u1ea1o th\u00eam \u00e1p l\u1ef1c l\u00ean t\u0103ng tr\u01b0\u1edfng.\u201d<\/p>\n<p>\u201c\u0110\u1ed9ng l\u1ef1c th\u01b0\u01a1ng m\u1ea1i \u0111\u1ed1i ngo\u1ea1i v\u1eabn r\u1ea5t m\u1ea1nh. Xu\u1ea5t kh\u1ea9u t\u0103ng t\u1eeb 2,5% YoY trong th\u00e1ng 3 l\u00ean 14,1% trong th\u00e1ng 4, b\u1ea5t ch\u1ea5p s\u1ef1 ch\u1eadm l\u1ea1i tr\u01b0\u1edbc \u0111\u00f3 do gi\u00e1n \u0111o\u1ea1n li\u00ean quan t\u1edbi Trung \u0110\u00f4ng. \u0110\u1ed9ng l\u1ef1c t\u0103ng ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb c\u00e1c \u0111\u1ed1i t\u00e1c ngo\u00e0i M\u1ef9, trong khi nh\u1eadp kh\u1ea9u t\u0103ng m\u1ea1nh l\u00ean 25,3% YoY khi c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t t\u0103ng mua h\u00e0ng h\u00f3a trung gian \u0111\u1ec3 \u0111\u00e1p \u1ee9ng \u0111\u01a1n h\u00e0ng xu\u1ea5t kh\u1ea9u m\u1ea1nh h\u01a1n.\u201d<\/p>\n<p>\u201cT\u00e2m l\u00fd \u0111\u1ea7u t\u01b0 v\u1eabn kh\u00e1 y\u1ebfu. \u0110\u1ea7u t\u01b0 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh (FAI) \u0111\u1ea3o chi\u1ec1u t\u1eeb m\u1ee9c ph\u1ee5c h\u1ed3i ng\u1eafn h\u1ea1n t\u0103ng 1,7% YoY l\u0169y k\u1ebf trong qu\u00fd I sang gi\u1ea3m 1,6% trong th\u00e1ng 4. \u0110\u1ea7u t\u01b0 t\u01b0 nh\u00e2n ti\u1ebfp t\u1ee5c gi\u1ea3m s\u00e2u xu\u1ed1ng -5,2% YoY.\u201d<\/p>\n<p>\u201cCh\u00fang t\u00f4i hi\u1ec7n k\u1ef3 v\u1ecdng s\u1ebd kh\u00f4ng c\u00f3 \u0111\u1ee3t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t LPR k\u1ef3 h\u1ea1n 1 n\u0103m n\u00e0o trong 18 th\u00e1ng t\u1edbi. T\u01b0\u01a1ng t\u1ef1 nhi\u1ec1u ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng kh\u00e1c bao g\u1ed3m Fed, gi\u00e1 n\u0103ng l\u01b0\u1ee3ng t\u0103ng m\u1ea1nh l\u00e0m gi\u1ea3m kh\u1ea3 n\u0103ng n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 trong ng\u1eafn h\u1ea1n. Ch\u00ednh ph\u1ee7 nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd \u0111\u1ea9y nhanh c\u00e1c bi\u1ec7n ph\u00e1p h\u1ed7 tr\u1ee3 t\u00e0i kh\u00f3a \u0111\u1ec3 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng.\u201d<\/p>\n<p>\u201cM\u1ed9t l\u0129nh v\u1ef1c \u0111\u1ed1i ngo\u1ea1i b\u1ec1n v\u1eefng c\u00f9ng quan h\u1ec7 th\u01b0\u01a1ng m\u1ea1i c\u1ea3i thi\u1ec7n v\u1edbi M\u1ef9 c\u00f3 th\u1ec3 gi\u00fap \u1ed5n \u0111\u1ecbnh \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng t\u1ed5ng th\u1ec3. C\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch hi\u1ec7n d\u01b0\u1eddng nh\u01b0 kh\u00e1 tho\u1ea3i m\u00e1i v\u1edbi c\u00e1ch ti\u1ebfp c\u1eadn n\u1edbi l\u1ecfng c\u00f3 m\u1ee5c ti\u00eau thay v\u00ec th\u1ef1c hi\u1ec7n c\u00e1c \u0111\u1ee3t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t di\u1ec7n r\u1ed9ng.\u201d<\/p>\n<p>(B\u00e0i vi\u1ebft n\u00e0y \u0111\u01b0\u1ee3c t\u1ea1o v\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 c\u1ee7a c\u00f4ng c\u1ee5 AI v\u00e0 \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp vi\u00ean r\u00e0 so\u00e1t.)<\/p>\n<\/div>\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>C\u00e1c chuy\u00ean gia kinh t\u1ebf c\u1ee7a DBS Group Research d\u1eabn \u0111\u1ea7u b\u1edfi Mo Ji \u0111\u00e3 \u0111\u00e1nh gi\u00e1 d\u1eef li\u1ec7u kinh [&hellip;]<\/p>","protected":false},"author":5,"featured_media":80711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[222],"tags":[],"class_list":["post-80710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ngoai-hoi"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/80710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=80710"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/80710\/revisions"}],"predecessor-version":[{"id":80911,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/80710\/revisions\/80911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/80711"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=80710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=80710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=80710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}