From the perspective of short-term factors, the main impact is the impact of the new coronavirus pneumonia epidemic.

Since March this year, the epidemic in my country has spread at multiple points, making it difficult for some enterprises to produce and operate normally, and instability and uncertainty factors have increased, leading to an increase in residents' motivation for precautionary savings.

At the same time, affected by the turmoil in the international financial market this year, my country's capital market has intensified volatility, and the returns on stocks and funds have dropped significantly. In particular, bank wealth management products have experienced "net losses", which has led to a decline in residents' risk appetite and some funds have returned to deposits. .

As the main force of consumption, the young and middle-aged groups not only have advantages in income, but also face life pressures such as "old people at the top and young people at the bottom".

Residents’ expectations of uncertainty about future income and expenditure have increased, which has significantly enhanced residents’ awareness of prevention and willingness to save.

In addition, with the intensification of regulation on the real estate market, residents' willingness to consume housing continues to be sluggish, which reduces housing consumption expenditures and is partially converted into residents' deposits.

The continued increase in residents' deposits has improved the resilience of my country's economic development and enhanced the residents' ability to withstand risks. However, it also reflects problems such as residents' weakening expectations for the future, insufficient consumer demand, and declining investment willingness.

In the next step, targeted measures should be taken to stabilize residents' expectations and confidence and further boost residents' consumption and investment.

We must balance the relationship between epidemic prevention and control and economic growth, minimize the impact of epidemic prevention and control on the economy and people's livelihood, and stabilize the expectations of enterprises and residents.

Further stabilize the macroeconomic market.

We must implement a series of policies and measures introduced in the past to stabilize the economy. Fiscal and monetary policies should be more proactive and proactive to continue to help market entities relieve difficulties and stabilize the real economy, stabilize residents' employment, and increase residents' income.

It is necessary to boost residents’ willingness and ability to consume.

Continue to release the potential of the domestic market, take active and effective measures to change problems such as residents' insufficient consumption motivation, improve residents' consumption environment, cultivate mid-to-high-end consumption growth points, expand the consumption of durable consumer goods such as automobiles, and promote the transformation and upgrading of residents' consumption.

We will further implement differentiated housing credit policies, rationally control credit extension, and better meet residents' needs for home purchases for self-occupation and improvement.

We will further improve the fully-covered social security system to better meet residents’ urgent needs in elderly care, medical care, education, etc., and reduce residents’ worries and willingness to save for precautionary measures.