上个月政府支出同比下降3.9%，反映出财政政策对经济增长的支持减弱。部分地方政府因急于清理隐性债务而放缓了支出，导致消费和投资降至疫情以来的低点。
高盛将中国第二季度经济增长预期从4.7%下调至4.5%。然而，得益于全球人工智能热潮带来的强劲出口，预计政府短期内不会出台大规模的经济刺激措施。
Despite weak domestic demand and slowing economic growth, China narrowed its cumulative fiscal deficit by 4.1% to 3.16 trillion yuan in the first five months of the year, marking the first reduction in over two years.
Government expenditure fell 3.9% year-on-year last month, reflecting a less supportive fiscal policy for growth. Some local governments slowed spending to rush to clear implicit debt, causing consumption and investment to drop to post-pandemic lows.
Goldman Sachs downgraded China's second-quarter growth forecast from 4.7% to 4.5%. However, driven by strong exports boosted by the global artificial intelligence boom, significant near-term economic stimulus is not expected.