摩根士丹利：中国经济-第二季度至第三季度增长将显著放缓

April 16, 2025 04:54 AM GMT China Economics | Asia Pacific Growth to Soften Meaningfully in Q2-Q3 Key Takeaways Strong 1Q on policy front-loading: Key drivers for 1Q growth have been (1) strong infrastructure capex on front-loaded govt bond issuance; and (2) robust sales of consumer goods in trade-in program. Manufacturing capex also edged up in March, likely reflecting revived tech animal spirit. These help offset the moderating exports on fading front-loading and Fentanyl-related tariffs. That said, defla ...