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In the first nine months, household deposits surged by 9.39 trillion yuan, while net household loans decreased by 1.03 trillion yuan. Passenger car retail sales plummeted by 21.7%, and new home mortgage loans fell by 22.1%, indicating a continuous contraction of the household balance sheet.
A report released by Bloomberg Economics on November 6 stated that if the Democratic Party slows down AI investment and data center construction after a major victory in the U.S. midterm elections, China's growth, which relies on AI hardware exports, will be hit. Net exports contributed nearly 40% of China's economic growth in the third quarter, and chips and computer products accounted for 40% of the year-on-year increase in exports in the first nine months.
On November 6, a netizen in Qinhuangdao, Hebei, posted a video of the unfinished Dongfudian Xincun project, stating that the project was originally marketed as providing wedding homes for older youth, but it has remained unfinished for 16 years. Many buildings are still in a rough state with exposed brick walls and no doors or windows installed.
On November 4, a netizen posted that after paying social security in Shenzhen for 20 years and just retiring, their monthly pension is only 1,989 yuan.
At 8:50 AM on November 3, about 7,000 people were at a job fair site looking for work, but there were very few job openings, leaving a large number of people just sitting around to kill time.
The Wall Street Journal reports that the Chinese stock market has entered a bear market, with Morgan Stanley warning of a potential further decline of 10% to 15% before hitting bottom, noting that state-backed fund purchases may only provide short-term support.
On November 2, a Hupu netizen posted that the hourly wage at McDonald's in Taiwan is only 40 to 50 RMB, lamenting the large gap. In the comments section, mainland netizens countered by sharing their own hourly wages of 16 RMB and monthly rest days of only three days, stating that most workers in the mainland cannot reach that level.
Since the beginning of this year, national fixed asset investment has fallen by 7.2%, with negative growth seen in infrastructure, manufacturing, and investment in electricity, heating, gas, and water facilities.
A factory in Jiangxi forcibly deducted workers' wages for two consecutive months without any explanation, causing wages to drop to 2,500 yuan and triggering protests.
According to netizen submissions, multiple merchants in the Chengdu hardware and electromechanical market have recently closed their doors due to fears of being fined during 3C certification inspections. It is rumored that a merchant selling Delixi products was fined 80,000 yuan, while another was fined over 200,000 yuan. It is reported that hardware markets in Sichuan and Chongqing have all shut down.
Intel's stock plummeted by 28.58%, the Philadelphia Semiconductor Index dropped by 7.22%, spot gold fell 3.62% to a one-year low, and Nasdaq along with Bitcoin suffered heavy drops.
According to the Associated Press, data released by China's National Bureau of Statistics on October 31 showed that the manufacturing PMI for October fell from 50.1 in September to 49.3, the new export orders index dropped from 50.0 to 48.7, and the production index fell from 51.7 to 49.8, indicating that factory activity has shifted from expansion to contraction.
Huafa Shares released its Q3 report, showing a net loss attributable to the parent company of 6.437 billion in the first three quarters. As of September 30, the owner's equity attributable to shareholders of the listed company was only 3.093 billion, a sharp decline from 19 billion within one year.
On October 30, spot gold prices plummeted, while both the 10-year TIPS real yield and the US Dollar Index recorded declines. The divergence between macro factors and gold price trends reflects a sell-off triggered by a drying up of underlying liquidity in the money market.
October 30 was the last trading day of October. The Shanghai Composite Index fell 1.44%, the Shenzhen Component Index fell 2.73%, the ChiNext Index fell 4.13%, and the STAR 50 Index fell 5.48%. Over 4,600 stocks across the market declined. For the month, the ChiNext Index fell by a cumulative 23.02%, and the STAR 50 Index fell by 24.13%.