HTSC commented on the economic activity data in August that the growth momentum of domestic production and consumption in August is still weakening marginally, with the year-on-year growth rate of industrial added value falling back, while the year-on-year growth rate of export amount has picked up slightly, and the differentiation between domestic and external demand continues to intensify. Influenced by the slowdown in e-commerce sales, the growth rate of social retail sales has also fallen back again in August, where the consumption of autos and real estate chains remains weak, and the mobile phones and home appliances may be boosted by the "trade-in" policy. In addition, the decline in real estate investment in the investment indicators has slightly narrowed, and infrastructure investment is weak, overall, the indicators related to domestic demand continue to be weak, highlighting the necessity of further policy measures to stabilize growth and boost domestic demand. Looking ahead, the improvement of China's manufacturing competitiveness is expected to support export growth, however, the weak domestic demand situation may intensify the urgency and necessity of counter-cyclical policy adjustments. It is expected that September-October may usher in a "window period" of policy easing.