本报告为亚洲经济周报，聚焦中国在内需疲弱、出口仍具韧性的背景下，政策宽松力度不足以填补刺激缺口。9月CPI同比升至0.9%，PPI同比加速至5.0%；出口同比增长36.3%，进口增长31%；新增人民币贷款1.08万亿元，但信贷结构仍偏弱。8000亿元结构性货币政策工具与新增5500亿元地方政府债额度有望在四季度形成一定支撑，但相对内需走弱速度仍显不足。预售新规可能拖累明年新开工与房地产投资，进而影响地方政府土地出让收入；税收征管趋严与出口退税下调实际上抬高了企业税负。报告认为，需要更强财政支持、更果断的货币宽松以及提振消费与投资的政策组合，才能扭转预期、支持内需持续复苏。预计三季度实际GDP同比增长4.3%。
Across Asia, inflation pressures rose on higher energy prices, while policy signals diverged. In China, inflation and trade strengthened, but tepid credit continued to signal weak domestic demand. In India, the RBI stepped up FX and liquidity support as inflation accelerated sharply. Japan's inflation expectations stabilized, though upside risks persist, while Singapore's MAS surprised with a dovish pause despite lingering inflation risks. In China, domestic demand remains weak despite resilient exports, while policy easing has yet to signal a decisive stimulus shift. Measures such as the RMB800bn structural lending tools and the additional RMB550bn local-government bond should provide some support in Q4. However, these piecemeal measures remain insufficient relative to the pace of domestic demand weakening. Meanwhile, some recent policies could weigh on growth, at least in the near term. New property policy requiring presale may hurt new housing starts and investment next year, implyi