The PMI indicator for October 2023 has been released, which fell 0.7 from September to 49.5, that is, it is back below the withering line. At the same time, the 1,000 billion national bonds formulated by the state have been released, which shows that the state's control of China's economy is very accurate. Due to the sluggish demand in Western countries, the role of imports and exports in stimulating the mainland's economy is decreasing, and the focus of the mainland's economic development will shift to the track of domestic consumption.
Since the development of the economy has shifted to the pull of domestic demand, the announcement of the issuance of 1,000 billion yuan of treasury bonds has played a key role in the future development of China's economy. In the past 20 years of economic development on the mainland, the government has always been able to adopt the most correct policies and adjustments at the most critical moments, thus ensuring the sustained development of China's economy.
As can be seen from the future development, real estate is also one of the very important foundations of China's economy. Given the recent downturn in the real estate market, many people are not optimistic about the future of real estate. However, we believe that with the government's plan of trillions of national bonds, and at the same time, the demand for domestic consumption will be increased, which will surely lead to the recovery of real estate as a whole.
The policy interpretation of the second housing reform can also be very clearly seen in the context of the future development of real estate. Commercial housing and affordable housing will serve as the two cornerstones of the real estate market to support the future real estate market and continue to develop in a more benign and healthy direction.
To sum up, we are full of confidence in the future of China's economy, and real estate, as one of the pillars of China's economy, will once again usher in rapid development with the recovery of China's economy.