The National Bureau of Statistics recently released economic data for October. In terms of consumption, the total retail sales of social consumer goods in October was 4,027.10 billion yuan, down 0.5% year-on-year; Cumulatively, from January to October, it increased by 0.6% year-on-year, which was 0.1 percentage point slower than last month. The consumption situation in October showed that the market demand was insufficient, and more offline consumption turned to online. According to Wind’s data, nearly two-thirds of the sample cities (the sample is 29 cities that continue to count subway passenger traffic in Wind database) have a decrease in the average number of daily trips in October compared with September; At the same time, the e-commerce "Double Eleven" activity was launched in the same month. In October, the retail sales of online goods and services increased by 4.9% year-on-year, and the growth rate was 0.9 percentage points faster than that of the previous month. The cumulative online retail sales of physical goods accounted for 26.2% of the total retail sales of consumer goods, the highest in recent years. On the whole, however, the current market consumption willingness is still insufficient, which is also reflected in the negative short-term RMB loans added by residents and enterprises (institutions) in that month (-51.200 billion yuan and-184.300 billion yuan respectively).