Core Insights - The Chinese economy has undergone a long process of deleveraging since 2021, following the severe impact of the pandemic in 2020, leading to a state of economic stagnation characterized by conservatism among enterprises, financial constraints for households, and tight local government finances [1] Group 1 - The past five years have been challenging for the general population, marked by phenomena such as internal competition, cost reduction, deflation, and economic decline [1] - Signs of change are emerging, particularly indicated by the prices of bulk commodities, suggesting that while the economy has not fully recovered, there are nascent signs of hope [1]