Since the beginning of this year, in response to new situations and problems emerging in economic operation, the Party Central Committee and the State Council have made scientific decisions and taken decisive actions, accelerating the implementation of major reform measures, expediting the execution of existing policies, and especially since late April, a package of incremental policies have been implemented, significantly boosting market confidence, enhancing development vitality, strengthening internal dynamics, and driving a marked increase in positive factors that promote economic improvement.

This National Day holiday, China's cultural and tourism market has continued its hot streak, with new forms and scenarios emerging constantly, and the potential for cultural and tourism consumption being continuously unleashed. Since the beginning of the month, the marginal improvements in key indicators have been quite noticeable. With the acceleration of the implementation of existing policies, the continuous manifestation of policy effects, and the timely introduction and steady implementation of a package of incremental policies, favorable momentum has emerged in the stabilization and recovery of major indicators such as industry, services, consumption, and investment.

From the production side, the value added of industrial enterprises above a designated size increased by .% year-on-year in the month, accelerating by . percentage points from the previous month, marking the first rebound after consecutive months of decline; the index of service industry production grew by .%, accelerating by . percentage points. From the demand side, the total retail sales of consumer goods increased by .% year-on-year in the month, accelerating by . percentage points from the previous month; the cumulative growth rate of fixed asset investment remained flat compared to the January-month period, ending the trend of month-on-month slowdown since the month; the National Day holiday saw sustained high tourism market activity, with domestic tourist visits and total spending increasing by .% and .% respectively on a comparable basis.

From the perspective of market prices, the prices of key production materials have stopped falling and started to rise. Compared to mid-month and mid-month, among the important production materials in circulation, the prices of products have increased, while the prices of products have decreased. As a concentrated reflection of supply and demand conditions and a leading indicator of economic operation, the recovery of prices sends positive signals that economic circulation is improving and economic development is gradually improving.

"Two New" and "Two Major" policies continue to exert force and show effectiveness. The "Two New" (large-scale equipment renewal and consumer goods trade-in) and "Two Major" (implementation of national major strategies and security capability construction in key areas) policies are important focal points of economic work this year and crucial means to expand domestic demand and promote high-quality development. Since the third quarter, the "Two New" policies have been further expanded, with all billion-yuan treasury bond funds allocated, and relevant supporting regulations and supportive policies have been successively introduced; the "Two Major" efforts have continued, with project construction and fund allocation accelerating. The effectiveness of these policies is being rapidly released, effectively stimulating the potential of domestic demand.

In the first three quarters, investment in the purchase of equipment and tools increased by .%, contributing .% to the overall growth in investment, an increase of . percentage points compared to the first half of the year. In September, retail sales of household appliances and audio-visual equipment from above-quota units grew by .%, significantly accelerating by . percentage points from the previous month. Retail sales of automobiles, furniture, and cultural and office supplies all turned positive from negative growth. Policy effects have also been transmitted through the economic cycle to the supply side, driving faster production in related sectors.

In the first three quarters, the output of products related to equipment updates such as food manufacturing machinery, specialized agricultural product processing equipment, and metal smelting equipment increased by .%, .%, and .% year-on-year, respectively. The output of products related to consumer goods replacement, such as new energy vehicles, household freezers, and room air conditioners, also maintained rapid growth. The construction of "two key" projects is progressing continuously, with physical work volumes being formed in an orderly manner, injecting more momentum into stable economic growth.

Market activity has seen an uptick. A series of favorable policies have been successively introduced and implemented recently, boosting the activity in the stock market and the property market. The stock market has rebounded and risen, while the property market has seen an increase in transaction volume. In the month, the trading volume of stocks on the Shanghai and Shenzhen stock exchanges has shifted from a year-on-year decrease of .% in the previous month to a growth of .%; as of the end of the month, the closing prices of the Shanghai Composite Index and the Shenzhen Component Index have risen by .% and .%, respectively, from their lows in the previous month. The policies have played a positive role in promoting the stabilization and recovery of the property market.

In the first three quarters, the year-on-year decline in the sales area of newly built commercial housing narrowed by 0.8 percentage points compared to January, marking a continuous narrowing for 4 consecutive months; the decline in sales value of newly built commercial housing also narrowed by 1.3 percentage points, marking a continuous narrowing for 4 consecutive months; the year-on-year decline in real estate development investment narrowed by 0.3 percentage points. During the "Golden Week" of October 1st, there was an increase in the number of visits and transactions at multiple property projects, as the demand for both rigid and improved housing gradually released.

Business expectations and confidence are gradually strengthening. As macroeconomic policies continue to take effect, market expectations are improving, and enterprises generally hold a positive view of production and operation in the next stage. In the month, the Manufacturing Purchasing Managers' Index (PMI) rose to 52.6%, up 0.5 percentage points from the previous month, with the production index at 52.7%, up 1.3 percentage points, returning to the expansionary range. The prosperity of some key monitored industries has also improved.

In terms of months, high-tech manufacturing and equipment manufacturing reached .% and .%, respectively, up by . and . percentage points from the previous month, continuing to maintain a good development momentum; the consumer goods industry was .%, up by . percentage points. The activity level of modern services has improved. In terms of months, the business activity indices of internet software and information technology services, monetary financial services, and telecommunication, radio, television, and satellite transmission services all stood above %, indicating a higher level of prosperity.

Business confidence has strengthened. In the third quarter, the composite business conditions expectation index for large-scale industrial enterprises for the fourth quarter increased by . and . points month-on-month and year-on-year, respectively. Among the more than 10,000 small and micro industrial enterprises surveyed, the proportion of enterprises expecting an acceleration or flat growth in production in the fourth quarter reached .%, an increase of . percentage points month-on-month.