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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.
On November 6, the three major A-share indices closed lower collectively, with the Shanghai Composite Index falling 1.1%, and over 4,700 stocks across both markets declining.
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.
Daxiang News released a video claiming that Chinese tourists' enthusiasm for visiting Japan has hit a freezing point, citing data that 1,016 flights from the mainland to Japan were cancelled in October, a cancellation rate of 27.9%. Netizens in the comments section questioned whether this was caused by reduced routes, rising ticket prices, and tightened visa policies.
At the Bu Ming Bai Festival held in Tokyo, the Bu Ming Bai Podcast invited Professor Xu Chenggang to discuss the institutional logic behind China's economic growth and recession, as well as how ordinary people can cope, using his book 'The Institutional Genes' as a starting point.
On November 6, netizens filmed sanitation workers in Shenzhen, who were participating in city appearance maintenance for the APEC meeting, lacking proper rest and dining facilities. They were seen squatting on the roadside at noon eating cold meals and pickles they brought themselves, and sleeping in green belts at night. Netizens are calling for the improvement of rest stations and hot meal support.
Brent crude oil prices fall to $102 per barrel.
On November 5, Ding Xuexiang, member of the Standing Committee of the Political Bureau of the CCP Central Committee and Vice Premier of the State Council, stated at the opening ceremony of the 9th China International Import Expo (CIIE) in Shanghai that the reason for the huge trade surplus is that China wants to import many products but cannot buy them, or is not allowed to buy them, and that normal trade in high-tech products is being interfered with. He also refuted claims that China is squeezing the economies of other countries.
On November 5, Pan Gongsheng, Governor of the People's Bank of China, reported on financial work to the Standing Committee of the National People's Congress: As of the end of September this year, the number of remaining local government financing vehicles nationwide has decreased by 92% compared to the end of March 2023; as of the end of June, the stock of operational financial debt has decreased by 79%. The report also disclosed that the cumulative approval for real estate 'white list' loans has exceeded 8.4 trillion yuan, and that officials have established a liquidity support tool for clearing arrears and held talks with leading enterprises that have defaulted on payments.
On November 5, large-scale business closures occurred in building materials, hardware, and electromechanical markets in Chengdu, Nanchong, Panzhihua, Mianyang, and other places. Merchants stated it was to avoid recent 3C certification special spot checks and quality supervision inspections. [Follow-up · November 7, 2026] On November 7, netizens filmed the wave of business closures in Sichuan and Chongqing continuing to expand, extending to Neijiang, Leshan, Guangyuan, Fuling in Chongqing, and Yuzhou Trade City. Leshan merchants said they pulled the shutters and retreated in a 10-minute emergency; Guangyuan merchants said the entire market closed as soon as the news arrived. Netizens commented that closing is better than being fined, and no one can withstand joint law enforcement.
On November 4, a Douyin influencer posted a video stating that a friend of over 20 years had passed away at a garment factory in Gaoyou, Jiangsu, due to long-term overwork. Chat logs show the female worker mentioned on November 19, 2025, that she was working overtime until 10 PM every day with no days off on Sundays, once saying, "I will die of sudden cardiac death sooner or later," and had been pressured by the finance department and the factory manager to return to work.
On November 4, Zhang Xue, founder of Zhang Xue Motorcycle, gave an interview at the EICMA in Milan, Italy, stating that employees receive a 100% salary increase after one year of employment, and those who have not received a raise for two consecutive years will basically be let go. The company plans to recruit 70 R&D personnel in this round of campus recruitment and has already received about 200 resumes from students at Chongqing University.
As over 3,300 A-share stocks plummeted, the state-run China Fund News published an article attributing the correction to external factors such as the decline in the South Korean stock market, the drop in US tech stocks, and the midterm elections.
On November 3, over 3,300 A-share stocks fell, with semiconductors and optical modules suffering heavy losses. The STAR 50 index has retreated about 49% from its July high.
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.