The task of converting old and new kinetic energy in China's investment sector is arduous, and maintaining investment growth faces certain challenges. From January to July of this year, the country's fixed asset investment fell 6.7% year on year, and private investment fell 9.4%. The downward pressure objectively exists. Overall, investment growth is currently under pressure, but the structure is being optimized and efficiency is improving. From a long-term perspective, China's per capita capital stock is still significantly lower than that of developed economies. There are still many shortcomings that need to be filled in the fields of scientific and technological innovation, safety and resilience, green and low-carbon, and public services, and there is plenty of room to expand effective investment. China's investment potential is sufficient, and its determination and strength to stabilize investment are also clear and strong. This is a fundamental aspect that should not be overlooked when objectively analyzing the investment situation. The third quarter is a golden season and a critical period to reach our goals for the whole year. A work pattern of central and local cooperation, coordination between departments, and mutual promotion between government investment and private investment has taken shape, and various investment stabilization measures are being stepped up and implemented to bear fruit. The critical role of investment in economic growth will become more evident as policy strength accelerates into more physical workloads.

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