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When a series of cold economic data come along with the pace of winter, it shows that the probability of China's GDP breaking 6% will increase in the next year. Does this mean that China's economic winter is coming? I'm afraid that's not the answer. The popularity of "double 11" may make you change your mind.
Although there are three periods of superimposed cyclical factors behind the cooling of China's economy, under the global economic downturn and the continuous tight environment of Sino US trade war, the accumulated structural chronic diseases are more and more prominent, which also makes the space for the current fiscal and monetary policy to move narrower and narrower.
While the "double 11" just ended makes Chinese e-commerce revelry, it also highlights the huge potential of China's consumer market; the fourth plenary session ended at the end of October clearly outlines the next step of China's social and economic development in all aspects, which is also an action plan with both long-term and short-term goals. The cold internal and external environment may be the catalyst to accelerate the implementation of reform.
"Reform is a slow variable, affecting medium and long-term growth, but under special circumstances, reform can also affect short-term growth, and next year will probably be such a special period." Liu Shijin, deputy director of the 13th CPPCC Economic Committee, vice president of the China Development Research Foundation and former deputy director of the development research center of the State Council, said at the financial new year's meeting held last week that some major measures of structural reform on the demand side and supply side that are not easy to launch at ordinary times should be forced.
Liu Shijin believes that at present, we need to mobilize the new structural momentum matched with medium speed growth, deepen reform and opening up, and release the growth potential that has been restrained. Supply side structural reform is still the key point. The key point is to open up and improve the factor market, effectively protect all kinds of property rights, and accelerate the formation of a high standard market system.
At the end of October, China held a remarkable fourth plenary session. The communique of the fourth plenary session was regarded as a programmatic document of the current government's outline of governance.
**"Double 11" highlights China's huge consumption potential**
In the relatively depressed market situation, the "double 11" record obviously excited Chinese e-commerce The double 11 campaign is also seen as an indicator of Chinese consumer confidence.
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