2025年前两个月，流入中国的外国直接投资（FDI）同比下降20.4%，至约980亿元人民币，为2009年以来的最大降幅。这一结果是在2024年暴跌27.1%之后得出的，这是有记录以来外国直接投资的最大跌幅，数据可追溯到2008年。与前两个月相比，这一下降继续反映出外国对中国经济中最大项目的信心减弱，受到通货紧缩螺旋风险和政府推迟刺激反应的看法的压力。此外，制造商和服务提供商不透明的资产负债表让外国投资者感到不安。尽管如此，政府经济支持的迹象以及中国共产党可能放松对科技行业严格控制的暗示，在今年年初提高了人们对中国证券投资的信心，这可能会在今年晚些时候转化为更高的直接投资。

Foreign direct investment (FDI) flown into China sank by 20.4% from the previous year to about CNY 98 billion in the first two months of 2025, the sharpest decline on the period since 2009. The result followed the 27.1% slump in 2024, which was the sharpest decline in foreign direct investment on record with data going back to 2008. The decline from the first two months continued to reflect weaker foreign confidence into largest projects in the Chinese economy, pressured by risks of a deflationary spiral and the view that the government delayed in its stimulus response. Additionally, opaque balance sheets for manufacturers and service providers held the unease of foreign investors. Still, signs of economic support from the government and hints that the CCP may relax its tight control on the tech sector raised sentiment for portfolio investments in China at the turn of the year, potentially translating into higher direct investments later in the year.

2025年2月，中国各银行新增人民币贷款10100亿元，远低于1月份创纪录的51300亿元，也低于12750亿元的预测。今年开局强劲后，信贷需求大幅放缓，因为银行贷款的初始提振和季节性前期负荷逐渐减少。2月份的数据也低于一年前的1.45万亿元人民币。与此同时，货币供应量同比增长7%，与1月份持平，但略低于7.1%的预测。社会融资总额从1月份创纪录的70600亿元降至22900亿元。社会融资总额是衡量经济中信贷和流动性的一个广泛指标，包括首次公开募股、信托公司贷款和债券销售等表外融资形式。

Chinese banks extended CNY 1010 billion in new yuan loans in February 2025, well below a record level of CNY 5130 billion in January and less than forecasts of CNY 1275 billion. Credit demand slowed significantly following a strong start to the year, as the initial boost and seasonal front-loading of loans by banks tapered off. The February reading is also below CNY 1450 billion a year earlier. Meanwhile, money supply rose 7% year-on-year, the same as in January but slightly less than forecasts of 7.1%. Total social financing which is a broad measure of credit and liquidity in the economy as it includes off-balance sheet forms of financing such as initial public offerings, loans from trust companies and bond sales, fell to CNY 2290 billion, from a record level of CNY 7060 billion reached in January.

中国2月M2货币供应量同比增长7.0%。由于中国新年期间，新的银行贷款往往在前两个月强劲流入，今年也不例外。今年1月和2月的总额为6.14万亿日元，但与去年同期的6.37万亿日元相比有所下降。

China February M2 money supply +7.0% vs +7.0% y/y expected.New bank lending tends to come in strongly in the first two months due to the Chinese New Year period and this year is no different. The year-to-date total from January and February is ¥6.14 trillion but it falls short compared to last year's ¥6.37 trillion in the same period.

上证综指飙升1.81%，收于3421点的三个月高点，而深证成分股周五上涨2.26%，收于10978点，因内地股市因对北京方面提供更多政策支持的预期上升而结束了连续两天的下跌。政府高级官员将于周一举行新闻发布会，讨论促进消费的措施，这加剧了人们对潜在经济刺激的乐观情绪。与此同时，投资者继续应对不断升级的全球贸易紧张局势，美国总统唐纳德·特朗普重申了将于4月2日生效的对全球贸易伙伴实施互惠关税的计划。科技股和成长型股领涨，其中东方财富信息（+4.6%）、宜宾五粮液（+6.4%）、中国银河（+6.4.%）、现代安培（+3.5%）和比亚迪公司（+6.1%）涨幅显著。本周，上海和深圳指数分别上涨1.4%和1.2%，连续第二周上涨。

The Shanghai Composite surged 1.81% to close at a three-month high of 3,421, while the Shenzhen Component jumped 2.26% to 10,978 on Friday, as mainland stocks snapped a two-day losing streak on rising expectations of more policy support from Beijing. Top government officials are set to hold a press conference on Monday to discuss measures to boost consumption, fueling optimism about potential economic stimulus. Meanwhile, investors continued to navigate escalating global trade tensions, with US President Donald Trump reaffirming plans to implement reciprocal tariffs on global trading partners, set to take effect on April 2. Technology and growth stocks led the rally, with notable gains from East Money Information (+4.6%), Wuliangye Yibin (+6.4%), China Galaxy (+6.4%), Contemporary Amperex (+3.5%), and BYD Company (+6.1%). For the week, the Shanghai and Shenzhen indexes rose 1.4% and 1.2%, respectively, marking their second consecutive weekly gain.