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  外交工作是应对关税冲击的头等大事。

  雪涛宏观笔记文:国金宏观宋雪涛

  美国“对等关税”落地以来,外部的关税博弈和内部的对冲政策成为影响市场走势的重要变量。随着近期政策信号密集释放,增量政策的逻辑逐渐清晰。

  第一,外交工作是应对关税冲击的头等大事。

  4月9日,美国对中国“对等关税”生效,同时宣布暂停其他国家和地区的“对等关税”90天。“对等关税”的本质不是贸易,而是博弈。

  在中国宣布反制“对等关税”之后,其他国家的态度也在发生变化。英国表示,要与中国建立更深层次的伙伴关系,而非设置新的障碍。欧盟表示,愿同中方推进各领域高层对话,深化经贸、绿色经济、气候变化等领域互利合作。日本表示,在美日贸易谈判上不打算做出重大让步,也不会急于达成协议。

  美国挥舞关税大棒加速了全球贸易秩序的重构,也对美元体系为核心的货币秩序形成重要影响,这对中国而言是重要的历史机遇。

  近期的政策动向也印证了外交是当前的头等大事。“对等关税”落地的4月9日,中央周边工作会议在北京召开,明确要“聚焦构建周边命运共同体”。与非美国家的外交成果决定了政策是对冲短期出口下滑,还是应对长期外部风险。中国与非美国家的外交关系越巩固,美国单方面加征关税对中国出口的冲击越小,博弈的天平也会进一步朝着中国倾斜,对应的稳增长压力也越小。反之,超常规的政策“组合拳”可能加快落地。

  4月14日至18日,总书记对越南、马来西亚和柬埔寨进行国事访问,取得了丰硕的成果。中越发布《关于持续深化全面战略合作伙伴关系、加快构建具有战略意义的中越命运共同体的联合声明》,中马发布《关于构建高水平战略性中马命运共同体的联合声明》,中柬发布《关于构建新时代全天候中柬命运共同体、落实三大全球倡议的联合声明》。

  第二,时效性强的储备政策将靠前落地,以加强预期管理和流动性管理为代表。

  一是稳定市场预期,稳定股市楼市。

  4月17日,国务院第十三次专题学习的主题为“加强预期管理,协同推进政策实施和预期引导”,总理强调“在政策制定实施和政府工作的方方面面,都要有稳预期的意识”,“在一些关键的时间窗口,推动各方面政策措施早出手、快出手,对预期形成积极影响”。

  4月18日国常会将“持续稳定股市”置于“持续推动房地产市场平稳健康发展”之前,意味着稳定股市在经济全局中的战略地位进一步提升。以中央汇金为代表的“国家队”将继续发挥“类平准基金”的作用。4月15日总理在北京调研时强调,“我国房地产市场仍有很大的发展空间”。

  股市楼市的表现关乎居民的财产性收入,去年“924”一揽子政策落地后,居民财产性收入的增速已连续两个季度改善。

  二是稳定外贸就业,扩大服务消费。

  一方面,定向纾困外贸企业。“对等关税”冲击下,中小微外贸企业面临经营和稳岗挑战。稳住外贸经营主体,既是稳住就业的基本盘,也关乎到居民的工资性收入和经营性收入。因此,针对外贸企业出台纾困政策的必要性和紧迫性较强。

  4月18日召开的国常会指出,“要稳定外贸外资发展,一业一策、一企一策加大支持力度”。增量政策的抓手包括加大对外贸企业的税收优惠力度、通过支农支小再贷款或设立新的货币政策工具支持金融机构加大外贸领域信贷投放、针对外贸企业发放稳岗补贴、帮助外贸企业扩宽内销渠道等。

  另一方面,扩大服务消费,既吸纳外贸企业在关税冲击下释放出来的就业压力,也顺应了居民的消费趋势,乘数效应大、透支效应小。近期政策密集释放提振服务消费的信号。

  4月14日国家统计局副局长盛来运表示,“服务消费是未来支撑消费增长的一个非常重要的领域,而且发展成长性、发展空间都非常大”。4月16日《求是》杂志发表商务部部长王文涛署名文章《多措并举扩大服务消费》,指出“进一步研究制定财政、税收、金融等支持(服务消费)政策”。同日,商务部等9部门印发《服务消费提质惠民行动2025年工作方案》。4月18日召开的国常会明确指出,“要促进养老、生育、文化、旅游等服务消费”。

  三是加强流动性管理。

  超长期特别国债将于4月24日首发,二季度也是地方政府专项债发行的高峰期。目前湖南已明确将于6月底之前完成专项债的发行,其他10个“专项债自审自发”省市的发债节奏也不会相差太大,因此政府债的发行高峰期即将到来,货币政策配合财政发债节奏进入流动性宽松的窗口期,短期内可能降准或加大买断式逆回购的力度,降息的时点还需关注美联储货币政策的变化。

  第三,重要性高的增量政策配合财政加码,政策力度取决于外交和出口。

  比如“以旧换新”政策加力扩围,将出口转内销产品纳入消费支持范围。提振消费的核心是提高居民消费能力和消费意愿。

  提高居民消费能力,要以转移性收入为抓手。向失业者、中低收入人群、育儿家庭等特定群体发放补贴,增加居民的转移性收入,有助于改善居民的消费能力。

  提高居民消费意愿,要以完善社会保障体系为抓手。加强育儿、养老、住房、医疗、教育等领域的民生保障,减轻居民支出压力,比如建立多元化的生育支持体系、提高城乡居民基本养老金等。

  这类政策整体遵循“储备在先、落地在后”的原则。4月18日召开的国常会强调,“锚定经济社会发展目标,加大逆周期调节力度”,这意味着实现5%的经济增长目标依然是当前的“政策锚”,储备政策的空间较为充足。

  财政部部长蓝佛安此前也表示,“中央财政预留了充足的储备工具和政策空间”,财政赤字、专项债、特别国债等视情仍有进一步扩张空间。政策的力度将取决于外交和基本面情况。

  政策的落地时间遵循“以我为主”的原则,发力时点取决于出口数据转弱的时间。特朗普4月9日宣布对除中国以外的多数国家暂停征收“对等关税”90天后,“抢转口”将取代“抢出口”,成为影响二季度出口的未知因素。

  风险提示

  增量政策不及预期,房地产下行压力超预期,出口变动超预期。

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