Lynn Song, chief economist for China at Dutch bank ING, said producer input costs could continue to filter through to the broader economy if energy prices remain high.

　　"This may further strengthen the reflation narrative, while also adding pressure to growth," Song said.

　　Luo Zhiheng, chief economist and head of the research institute at Yuekai Securities, said imported cost pressures may intensify structural divergence among enterprises, with midstream and downstream businesses absorbing much of the pressure through squeezed profit margins.

　　Given the coexistence of imported inflation and insufficient effective demand, Luo said macro policy should remain well-calibrated and supportive.

　　"Monetary policy should maintain a moderately accommodative stance, while fiscal policy should provide targeted relief to affected midstream and downstream enterprises and low-income groups," he said.

　　zhangchenxu@chinadaily.com.cn