Core Insights - The domestic economy is experiencing a paradox where there is significant monetary overproduction, with M2 balance reaching approximately 325 trillion yuan, double the GDP, while all sectors of society are facing a cash shortage [1] - The lack of confidence in various markets is leading to a prolonged recovery period for restoring trust in the economy [1] Changes in Economic Behavior - Change 1: Government and public sector jobs are no longer seen as a "safe haven," with plans to reduce non-staff personnel by 20% annually in Heilongjiang Province and salary cuts in various regions due to declining fiscal revenues [3][5] - Change 2: The number of homebuyers is decreasing despite various market stimulus policies, as falling property prices and reduced incomes lead to a pessimistic outlook on future housing prices [3][7] - Change 3: More individuals are choosing to save money in banks, with new deposits reaching 9.22 trillion yuan in the first quarter of 2025, driven by a desire to prepare for uncertainties like unemployment and health issues [3][9] - Change 4: There is a noticeable downgrade in consumer spending, with high-end goods seeing reduced sales while demand for low-cost options in dining and entertainment is increasing due to stagnant or declining incomes [3][11] - Change 5: Marriage and birth rates are experiencing a sharp decline, with marriage registrations dropping to 1.81 million pairs in the first quarter of 2025, a decrease of 159,000 pairs year-on-year, and birth rates falling to 1.95 million, the lowest in nearly a decade [3][14][15]