ATFXSummary Review0811：OPEC发布月度原油报告

Drive consumption back toCThe main driving force of the situation comes from the adjustment of epidemic control policies. Referring to the previous experience of other countries in dealing with the epidemic, China's reopening process faces challenges, but it can help reduce economic uncertainty in the medium to long term. Since the outbreak of the epidemic, China's consumption has been relatively sluggish, and the retail sales index of consumer goods is far lower than the pre epidemic level. But from the experience of overseas markets, loosening epidemic control will provide a soil for consumer recovery. The importance of normalizing economic activities for consumption is also self-evident.


The relatively high savings rate of residents will provide support for consumption growth in the post pandemic era. There has been a significant scissors gap between household deposits and loans in the past few years, where deposits have increased while loans have declined, indicating a passive increase in household savings rates. The rise in the savings rate on one hand means that households are reducing consumption, and on the other hand, it corresponds to the downward cycle of real estate. Overall, it means that Chinese households have experienced a rare "deleveraging". From this perspective, the residential sector can provide growth momentum for the economy, but only stable economic growth can support the sustained consumption power of the residential sector after "leveraging".