高盛中国经济团队发布中国宏观速评，提示三件要事。一是贸易顺差再度扩大：8月以名义美元计出口同比增长24.9%、进口增长28.2%，贸易顺差升至1190亿美元；前八个月累计顺差8060亿美元，同比高240亿美元，而中国是石油与半导体净进口国且两者价格年内大幅上涨，顺差扩张尤为突出。二是通胀小幅回升：8月CPI同比由7月的0.5%升至0.8%，PPI同比由3.5%升至3.8%，但结构上并不指向需求走强，涨幅多来自能源价格上涨、AI热潮与芯片短缺推升的计算机及通信设备价格以及黄金等大宗商品价格；房租CPI同比-0.6%、汽车价格同比-1.6%继续下跌。三是注资主要指向金融稳定：财政部宣布发行3000亿元中央特别国债，用于对部分商业银行、政策性银行和保险公司注资，配额已于3月两会获批，此前去年已发行5000亿元用于商业银行注资；
Three quick highlights from China: (1) Trade surplus increased again: China's export growth accelerated in August, with exports up 24.9% yoy in nominal USD terms and imports up 28.2%, lifting the trade surplus to $119bn; in the first eight months of the year the trade surplus totaled $806bn, $24bn higher than in the same period last year, which is remarkable given China is a net oil and semiconductor importer and prices of both climbed significantly this year. (2) Inflation ticked up: CPI inflation rose from 0.5% in July to 0.8% in August and PPI inflation increased from 3.5% to 3.8%, but details beneath the headlines do not suggest strong demand, as much of the increase can be attributed to higher energy prices, higher computer and communication equipment prices amid the AI boom and chip shortages, and higher prices for other commodities such as gold, while rent CPI (-0.6% yoy) and car prices (-1.6% yoy) continued to decline. (3) Capital injection mostly about financial stability: the