Where is infrastructure going? It mainly depends on how powerful the future fiscal situation will be. gradually begun to shift from investment to other areas including ultralongterm special government bonds for "two new" projects and new special bonds for debt repayment. Therefore, the previous "infrastructurefocused" model on the fiscal side may have quietly changed. Whether the momentum of infrastructure construction can be restarted depends on how the fiscal support will be provided .
Consumption: The recovery momentum has fluctuated. In November, retail sales fell to 3.0% yearonyear. The first reason was the "diversion" of ecommerce promotions. This year's "Double Eleven" period was earlier poland phone number list than last year. Under the influence of the dislocation, the cumulative online retail sales of physical goods in November fell to 6.8% yearonyear the cumulative yearonyear growth in October was 8.3%. The second reason is the drag of prices. In November, the CPI recorded a yearonyear growth of 0.2%, which was lower than expected. The price fluctuations of physical goods including food and durable goods affected retail sales.
Structurally, the effect of oldfornew replacement is still significant. Automobiles and home appliances continue to be the two major items driving the yearonyear growth rate of retail sales above the quota in November. At the same time, with the recent recovery in real estate sales, furniture and building decoration items have also turned positive yearonyear. Cosmetics, clothing, and communication equipment were the biggest drags, mainly due to the dislocated decline in online shopping promotions.