Liu Chenjie, Chairman of the Global Macro Hedge Fund at Wangzheng Capital, stated at the 2025 Financial Annual Meeting that it is clear now that residents' consumption has become more cautious. "How cautious? We calculated that two to three years ago, the marginal propensity to consume for Chinese residents was about 0.7%, meaning if they earned 100 yuan, they would spend 70 and save 30 yuan. Now, the marginal propensity to consume has dropped to between 0.6 and 0.65, which is calculated using cash flow statements. A drop of 0.1 or 0.05 corresponds to nearly one point in GDP," he said.