June 17, Tuesday

High-Level Voices: 
The National Bureau of Statistics released the latest economic data, showing that in May, the value-added of industrial enterprises above designated size nationwide grew by 5.8% year-on-year.

Overall Sentiment: 
The financial data quietly released over the weekend showed a complete collapse in new household loans in May, with the largest portion being mortgage loans. The official release of this data is likely intended to prevent further shifts in expectations for the real estate market. As expected, the housing price data for 70 major and medium-sized cities released yesterday showed a comprehensive decline, with first- and second-tier cities, which had previously stabilized, now fully turning to declines. It feels like the real estate stimulus measures started last year have exhausted their effects, and without further stimulus, the decline may accelerate.