摩根士丹利：中国经济-受前置公共融资推动，社会融资规模超预期

April 13, 2025 08:29 PM GMT China Economics | Asia Pacific TSF Beat on Front-loaded Public Financing Key Takeaways March credit beat a reflection of economic green shoots before major tariff hits: Credit YoY will likely rise further in Q2 on continued fiscal front-loading...In response to increased growth downside risks amid prohibitive US tariffs, Beijing will likely accelerate the issuance and deployment of the announced govt. bond quota for the year in Q2, before introducing a supplementary budget in 2H. ...