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Holding Firmer

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One other factor to consider re: the soft retail sales print for August is the recent crackdown witnessed under the common prosperity mantra. The sudden strict crackdown in the tutoring/private education space has seemingly resulted in some unemployment according to our team in Beijing. This may result in less of a propensity to consume and more of a focus on savings given the potential for heightened job insecurity in sectors targeted by policymakers.