From the perspective of domestic demand, in Jan-May, 2023, there was a concentrated release of pent-up demand, such as travel, business, wedding ceremonies, visiting relatives, and house renovation, which drove the rapid recovery of domestic demand. However, in Jun and Jul, as pent-up demand gradually subsided, there were signs of slowing growth in domestic demand. The fundamental reason was that, when current economic environment is under pressure, the growth rate of residents' disposable income has limited potential for improvement, which hampers the growth of consumer spending. Even in situations where the household savings rate is relatively high, it is difficult to enhance the willingness to consume. Instead, it is more common for people to reduce leverage and pay off mortgages in advance.