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专题:聚焦2025年IMF和世行春季年会

  21世纪经济报道记者郑青亭北京报道

  当地时间4月24日,国际货币基金组织(IMF)发布最新一期《亚太地区经济展望》报告(下文简称“报告”)。报告预测,该地区的增长将在2025年和2026年分别放缓至约3.9%和4.0%,低于2024年的4.6%,比该组织去年10月的预测分别低了0.5和0.3个百分点。这主要反映了美国政府掀起的新一轮关税战带来的不利影响。

  IMF亚太部主任克里希纳·斯里尼瓦桑(KrishnaSrinivasan)在当天的新闻发布会上指出,自2025年1月以来,美国宣布的一系列关税措施以及随后激起的来自贸易伙伴的反制措施,对全球经济和亚太地区构成了重大的不利贸易冲击。“该地区既显著暴露于这一冲击之中,又面临着比其他地区更大的冲击。自1月以来,贸易政策的不确定性大幅增加,进一步恶化了该地区的近期经济展望。”

  报告预测,亚太地区的发达经济体今明两年的增速分别为1.2%和1.4%,分别比之前的预测低了0.7和0.3个百分点。其中,日本今明两年均为0.6%,分别低了0.5和0.2个百分点;韩国分别为1.0%和1.4%,分别比之前低了1.2和0.8个百分点;澳大利亚分别为1.6%和2.1%,分别比之前低了0.5和0.1个百分点。

  亚太地区的新兴市场和发展中经济体也受到冲击,今明两年的增速预计分别为4.5%和4.6%,分别比之前的预测低了0.5和0.3个百分点。印度分别为6.2%和6.3%,分别低了0.3和0.2个百分点;东盟分别为4.1%和3.9%,分别低了0.6和0.7个百分点。

  除了贸易紧张局势导致的外部需求下降,斯里尼瓦桑表示,亚洲经济前景还受到科技周期疲软以及一些国家的私人消费低迷的拖累。在这种环境下,金融市场构成了额外的下行风险,因为资产价格波动可能进一步加剧,扰乱资本流动和投资。

  IMF称,美国关税的影响现已达到百年未有的高水平,并警告,贸易紧张局势的迅速升级以及未来政策“极高程度”的不确定性将对全球经济活动产生重大影响。该机构将2025年的全球经济增长预测下调了0.5个百分点至2.8%,并将2026年的增长预测下调了0.3个百分点至3.0%。

  中国一季度经济增长超预期

  回顾2024年,斯里尼瓦桑称,亚洲各地在去年下半年保持强劲,许多国家弥合了疫情期间出现的巨大产出缺口。不过,尽管各国都有坚实的基本驱动因素,但增长略低于预期。

  具体来看,他指出,作为地区的一个亮点,中国在2024年末和今年第一季度的增长势头超出预期,这得益于“抢出口”订单和有针对性的政策支持;而由于供应中断,日本在2024年初增长放缓,但在国内需求反弹的推动下,下半年实现恢复;2024年末出口和消费的回升推动了印度经济的增长,但总体结果略低于预期,主要是私人投资仍然疲软。

  谈及通胀情况,斯里尼瓦桑表示,大多数亚洲经济体去年的通胀率回到或接近目标,表现相对优于其他地区。其中,中国和泰国继续经历低通胀,而日本的总体通胀率已连续近三年高于目标。然而,总体和核心通胀率预计将在2027年趋同于目标。

  “在通胀大多处于或低于目标的地区,许多国家有空间通过货币政策宽松来缓冲外部冲击。虽然中期财政整顿仍然至关重要,但可能需要采取临时和有针对性的财政支持措施来平滑调整并提振需求。”斯里尼瓦桑说。

  长期来看,IMF强调,亚太地区需要继续推动结构性改革。亚太地区面临重大的结构性挑战,包括人口挑战日益严峻以及近年来生产力增长放缓且持续低迷。为了提高该地区的生产力,应优先提高将资本、劳动力和其他资源与企业匹配的效率,从而促进结构转型和创新。

  在此背景下,斯里尼瓦桑表示,新技术——如人工智能——可能会带来显著的生产力提升和增长机会。“我们已经在亚洲看到了一些人工智能适应的先行者。为了让更广泛的社会分享人工智能适应的益处,支持性政策对于增强劳动力市场的灵活性(包括有针对性的培训计划)以及加强社会安全网至关重要。”

  当前,中国的科技创新不断取得突破,特别是人工智能的异军突起,正在吸引世界的目光。日前,摩根士丹利中国首席经济学家邢自强对21世纪经济报道记者说,近期,外资对中国结构性机会的兴趣显著上升,特别是中国的科技创新能力、民营企业家信心的恢复情况以及新质生产力的发展,“外资对中国创新实力的认可引发了对中国科技资产的重估”。

  “从DeepSeek到‘杭州六小龙’,让全球投资者见证了中国的创新实力,彻底改变了全球科技竞争的主流叙事。过去三年,人们普遍认为美国是最有活力的创新热土,全球资金纷纷涌向美国。但实际上,中美在科技竞赛中各有优势,在创新的应用阶段,从AI应用到人形机器人,中国往往能够发挥后发优势。”邢自强说道。

  亚太地区易受美关税冲击

  斯里尼瓦桑表示,根据4月2日美国宣布的关税方案,亚太地区将面临全球最剧烈的有效关税税率上升。尽管其中一些措施此后已被暂停,但贸易紧张局势进一步升级,导致贸易政策不确定性显著上升。

  至于亚太地区为何尤其容易受到近期美国贸易政策的冲击,斯里尼瓦桑分析指出,这有多方面的原因。一方面,许多亚洲经济体都是对商品贸易非常开放的经济体;另一方面,新兴亚洲经济体比其他地区更早在疫情后重新开放,因此得益于相关的出口复苏。

  不仅如此,他补充道,近年来,亚洲国家持续增加其在全球供应链中的参与度,对美国需求的敞口不断增加。“出口到美国的增值产品份额有所增加,这既包括直接出口,也包括通过全球供应链间接出口。”他说,“对美国市场敞口的增加与重大的全球政策不确定性相结合,为该地区带来了脆弱性。” 

  不过,他指出,“中国是一个值得注意的例外,由于前几轮关税,这一份额已经下降或趋于平稳。”据中国海关总署数据,2024年中国总出口额为3.6万亿美元,对美出口5246.56亿美元,占比约14.6%‌。这一比例较疫情前(2018年约13.7%)略有上升,但低于2002年的21.5%,反映中国出口市场多元化趋势。

  面对美国加征的重重关税,斯里尼瓦桑表示,重振亚太国家国内需求和深化区域一体化的改革,对于减少对外部市场的依赖和增强对全球冲击的韧性至关重要。

  近日,中国国际问题研究院亚太研究所副所长杜兰在接受21世纪经济报道记者专访时也表示,东南亚国家需要更多地加强内部合作,提升一体化水平。例如,东盟国家正在升级《东盟货物贸易协定》(ATIGA),并推进《东盟数字经济框架协议》(DEFA)的谈判,以促进区域内贸易自由化和数字经济发展。同时,东南亚国家也在积极拓展与其他地区和国家的贸易关系,以增强经济发展的韧性。总之,东南亚国家正通过加强内部合作和多元化贸易伙伴关系,以加强经济的韧性,应对外部挑战。

  中国人民大学重阳金融研究院院长王文近日在接受21世纪经济报道记者专访时表示,对于中国与东盟国家的合作而言,特朗普政府关税政策既是挑战也是机遇。一方面,美国的关税政策可能导致东盟国家的经济增长放缓,进而影响到中国对东盟的出口和投资,同时,全球贸易环境的不确定性增加,也会给双方的合作带来一定的风险。但另一方面,面对外部压力,中国与东盟国家可能会进一步加强合作,共同应对外部挑战,如推动《区域全面经济伙伴关系协定》(RCEP)高质量实施,深化产业链供应链的融合,提升区域经济一体化水平。

  北京大学区域与国别研究院副院长、中国东南亚研究会副会长翟崑近日在接受21世纪经济报道记者专访时指出,中国—东盟自贸区3.0版谈判有望签署,将在数字与绿色经济规则、标准互认、供应链合作等方面实现突破,为区域市场注入新活力。结合“一带一路”互联互通和RCEP制度红利,中国将继续以开放促共赢,与东盟一道,共同应对全球保护主义挑战,书写“全球南方”互利共赢的新篇章。

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