WHAT IS THE ECONOMIC RECOVERY TREND REFLECTED BY SOCIAL ELECTRICITY CONSUMPTION IN THE FIRST 7 MONTHS? HOW DO WE VIEW THE SITUATION OF CHINESE ENTERPRISES ISSUING BONDS OVERSEAS? HOW IS THE PROGRESS OF ADDRESSING THE WEAKNESSES AND STRENGTHS OF URBANIZATION IN COUNTY TOWNS? ON AUGUST 17TH, THE NATIONAL DEVELOPMENT AND REFORM COMMISSION HELD A PRESS CONFERENCE, DURING WHICH IT WAS REPORTED THAT THE NATIONAL ECONOMY CONTINUES TO STEADILY RECOVER, AND FOREIGN CAPITAL'S CONFIDENCE IN THE CHINESE ECONOMY AND CHINESE ENTERPRISES IS CONSTANTLY INCREASING.THE NATIONAL ECONOMY CONTINUES TO STABILIZE AND RECOVERIN TERMS OF POWER GENERATION, IN JULY, THE NATIONAL INDUSTRIAL POWER GENERATION ABOVE DESIGNATED SIZE INCREASED BY 1.9% YEAR-ON-YEAR; FROM THE PERSPECTIVE OF ELECTRICITY CONSUMPTION, THE TOTAL ELECTRICITY CONSUMPTION OF THE WHOLE SOCIETY IN CHINA INCREASED BY 2.3% YEAR-ON-YEAR IN THAT MONTH. AMONG THEM, THE ELECTRICITY CONSUMPTION OF THE PRIMARY, TERTIARY, AND RESIDENTIAL AREAS INCREASED BY 11.6%, 5.3%, AND 13.8% RESPECTIVELY YEAR-ON-YEAR; THE ELECTRICITY CONSUMPTION OF THE SECONDARY INDUSTRY DECREASED BY 0.7% YEAR-ON-YEAR, MAINLY DUE TO A DECREASE IN THE GROWTH RATE OF ELECTRICITY CONSUMPTION IN HIGH ENERGY CONSUMING INDUSTRIES SUCH AS ELECTRICITY, BUILDING MATERIALS, AND STEEL.IN THE MANUFACTURING INDUSTRY, THE ELECTRICITY CONSUMPTION OF THE AUTOMOBILE MANUFACTURING INDUSTRY INCREASED BY 20.3% YEAR-ON-YEAR, WHILE THE ELECTRICITY CONSUMPTION GROWTH RATES OF THE FURNITURE MANUFACTURING INDUSTRY, COMPUTER COMMUNICATION AND OTHER ELECTRONIC EQUIPMENT MANUFACTURING INDUSTRY, GENERAL EQUIPMENT MANUFACTURING INDUSTRY, ELECTRICAL MACHINERY AND EQUIPMENT MANUFACTURING INDUSTRY, AND FOOD MANUFACTURING INDUSTRY WERE ALL ABOVE DOUBLE DIGITS.SINCE THE BEGINNING OF AUGUST, THE DAILY ELECTRICITY GENERATION AND UNIFIED ELECTRICITY LOAD IN CHINA HAVE RAPIDLY INCREASED. ON AUGUST 3RD, 10TH, AND 11TH, THE DAILY ELECTRICITY GENERATION AND UNIFIED ELECTRICITY LOAD IN CHINA REACHED NEW HISTORICAL HIGHS. PRELIMINARY ANALYSIS SHOWS THAT THE DAILY ELECTRICITY GENERATION AND UNIFIED ELECTRICITY LOAD IN THE COUNTRY HAVE REACHED NEW HIGHS, WHICH NOT ONLY REFLECTS THE RAPID GROWTH OF AIR CONDITIONING LOAD CAUSED BY SUSTAINED HIGH TEMPERATURES AND SUNNY WEATHER, BUT ALSO REFLECTS THE CONTINUED STABLE RECOVERY OF THE NATIONAL ECONOMY, "SAID MENG WEI, SPOKESPERSON FOR THE NATIONAL DEVELOPMENT AND REFORM COMMISSION.IN TERMS OF INVESTMENT PROJECTS, IN JULY, THE NATIONAL DEVELOPMENT AND REFORM COMMISSION APPROVED A TOTAL OF 11 FIXED ASSETS INVESTMENT PROJECTS WITH A TOTAL INVESTMENT OF 38.2 BILLION YUAN, MAINLY IN TRANSPORTATION AND HIGH-TECH FIELDS. IN ADDITION, A NUMBER OF PROJECTS SUCH AS RELOCATION AND INTERCITY RAILWAYS ARE PROGRESSING SMOOTHLY.AS OF NOW, ABOUT 35000 CENTRALIZED RESETTLEMENT AREAS AND OVER 2.66 MILLION RESETTLEMENT HOUSING UNITS HAVE BEEN BUILT NATIONWIDE. THE HOUSING CONSTRUCTION TASKS AND SUPPORTING FACILITIES FOR POVERTY ALLEVIATION RELOCATION DURING THE 13TH FIVE YEAR PLAN PERIOD HAVE BEEN COMPLETED, AND THE REGISTERED IMPOVERISHED RELOCATED RESIDENTS HAVE BASICALLY MOVED IN. RECENTLY, THE NATIONAL DEVELOPMENT AND REFORM COMMISSION APPROVED THE PLAN FOR THE CONSTRUCTION OF INTERCITY RAILWAYS IN THE GUANGDONG HONG KONG MACAO GREATER BAY AREA. ACCORDING TO THE PLAN, 13 INTERCITY RAILWAYS AND 5 HUB PROJECTS WILL BE IMPLEMENTED IN THE NEAR FUTURE, WITH A TOTAL LENGTH OF ABOUT 775 KILOMETERS AND A PLANNED TOTAL INVESTMENT OF 474.1 BILLION YUAN. THESE INVESTMENTS WILL BE COMPLETED WITHIN THE INVESTMENT CYCLE.CHINESE ENTERPRISES ISSUING BONDS OVERSEAS TO IMPROVE QUALITY AND INCREASE EFFICIENCY6. THE SCALE OF OVERSEAS BOND ISSUANCE BY CHINESE FUNDED ENTERPRISES HAS SIGNIFICANTLY REBOUNDED IN JULY. WHAT IS THE TREND THIS YEAR?MENG WEI INTRODUCED THAT IN THE FIRST HALF OF THE YEAR, A TOTAL OF 164 CHINESE FUNDED ENTERPRISES ISSUED 264 MEDIUM AND LONG-TERM BONDS OVERSEAS, TOTALING 103.31 BILLION US DOLLARS. ALTHOUGH THE TOTAL SCALE OF OVERSEAS BOND ISSUANCE HAS DECREASED YEAR-ON-YEAR DUE TO THE TURBULENCE OF THE INTERNATIONAL CAPITAL MARKET, IT PRESENTS THE CHARACTERISTICS OF "STRONG RESILIENCE, LOW COST, MULTIPLE TYPES, AND EXCELLENT STRUCTURE", AND ITS ROLE IN SERVING THE REAL ECONOMY IS MORE PROMINENT, ACHIEVING QUALITY AND EFFICIENCY IMPROVEMENT.IN THE FIRST HALF OF THE YEAR, CHINESE ISSUERS INVOLVED 41 INDUSTRIES, WITH A WIDE COVERAGE AND RELATIVELY BALANCED DISTRIBUTION. AMONG THEM, THE ISSUANCE OF INFORMATION TECHNOLOGY ENTERPRISES INCREASED BY 10.9% YEAR-ON-YEAR, THE ISSUANCE OF INDUSTRIAL ENTERPRISES INCREASED BY 24% YEAR-ON-YEAR, THE ISSUANCE OF ENERGY ENTERPRISES INCREASED BY MORE THAN 200% YEAR-ON-YEAR, AND THE ISSUANCE OF FINANCIAL INSTITUTIONS SLIGHTLY DECREASED YEAR-ON-YEAR, BUT THE ISSUANCE SCALE WAS MORE STABLE AND THE OVERALL COST CONTROL WAS MORE CAUTIOUS. IT IS UNDERSTOOD THAT THE RAISED FUNDS ARE MAINLY USED TO SUPPORT THE DEVELOPMENT OF THE REAL ECONOMY. THE ISSUANCE VOLUME OF REAL ESTATE AND URBAN INVESTMENT ENTERPRISES HAS DECREASED YEAR-ON-YEAR, AND THE REGULATORY EFFECT CONTINUES TO SHOW. WHILE MEETING THE REASONABLE FUNDING NEEDS OF ENTERPRISES, THE SCALE OF EXTERNAL DEBT HAS BEEN REASONABLY GRASPED.THE SCALE OF FOREIGN DEBT ISSUANCE REBOUNDED IN JUNE AND JULY, AND THE FUNDAMENTAL REASON IS STILL DUE TO CHINA'S SIGNIFICANT STRATEGIC ACHIEVEMENTS IN EPIDEMIC PREVENTION AND CONTROL. THE RESUMPTION OF WORK AND PRODUCTION HAS IMPROVED MONTH BY MONTH, AND THE ECONOMIC ORDER HAS BEEN ORDERLY RESTORED. FOREIGN CAPITAL'S CONFIDENCE IN THE CHINESE ECONOMY AND CHINESE ENTERPRISES IS CONSTANTLY INCREASING, "SAID MENG WEI.IN ADDITION, MENG WEI POINTED OUT THAT THERE ARE THREE DIRECT REASONS: FIRSTLY, THE SUSTAINED QUANTITATIVE EASING IN MAJOR DEVELOPED COUNTRIES, THE RAPID RELEASE OF US DOLLAR LIQUIDITY, AND THE ACCELERATED RETURN OF OVERSEAS FUNDS TO EMERGING MARKETS. SECONDLY, INVESTORS' RISK AVERSION HAS FURTHER IMPROVED, WITH A STRONG OVERALL BUYING INTEREST IN THE CHINESE OVERSEAS BOND MARKET AND ACTIVE TRADING IN THE SECONDARY MARKET, DRIVING UP THE ISSUANCE SCALE OF THE PRIMARY MARKET. THIRDLY, DUE TO THE IMPACT OF THE EPIDEMIC, MANY CHINESE ISSUERS HAVE POSTPONED THEIR ISSUANCE PLANS AND SEIZED THE RECENT FAVORABLE MARKET WINDOW TO CONCENTRATE ON COMPLETING THEIR ISSUANCE.         SOLIDLY PROMOTE URBANIZATION TO FILL GAPSNOT LONG AGO, A NOTICE WAS ISSUED ON ACCELERATING THE WORK OF FILLING IN THE GAPS AND STRENGTHS OF URBANIZATION IN COUNTY TOWNS. RECENTLY, A SERIES OF SUPPORTING DOCUMENTS HAVE BEEN LAUNCHED, INCLUDING COUNTY INDUSTRIAL PLATFORMS, SMART TRANSFORMATION OF COUNTY TOWNS, CIRCULATION FACILITIES, PUBLIC PARKING LOTS, AND ROAD PASSENGER STATIONS TO FILL IN THE GAPS AND STRENGTHS. SINCE THE BEGINNING OF THIS YEAR, THE WORK OF FILLING IN THE GAPS AND STRENGTHS OF URBANIZATION IN COUNTY TOWNS HAS PLAYED A COMBINATION OF PUNCHES AND HAS BECOME A MAJOR ATTRACTION TO DRIVE INVESTMENT AND CONSUMPTION.COUNTY TOWNS ARE IMPORTANT SPACES FOR PROMOTING INDUSTRIALIZATION AND URBANIZATION IN CHINA, AN IMPORTANT PART OF THE URBAN SYSTEM, AND A KEY LINK FOR THE INTEGRATED DEVELOPMENT OF URBAN AND RURAL AREAS. MENG WEI SAID THAT ACCELERATING THE URBANIZATION OF COUNTY TOWNS TO MAKE UP FOR WEAKNESSES AND STRENGTHS IS CONDUCIVE TO EXPANDING INVESTMENT, PROMOTING CONSUMPTION, AND IMPLEMENTING THE STRATEGY OF EXPANDING DOMESTIC DEMAND IN THE SHORT TERM; IN THE LONG RUN, IT IS CONDUCIVE TO OPTIMIZING THE SPATIAL PATTERN OF URBANIZATION, PROMOTING INTEGRATED URBAN-RURAL DEVELOPMENT, AND ENHANCING PEOPLE'S SENSE OF GAIN.IT IS REPORTED THAT 120 COUNTIES AND COUNTY-LEVEL CITIES HAVE BEEN SELECTED TO CARRY OUT DEMONSTRATION WORK FOR THE CONSTRUCTION OF NEW URBANIZATION IN COUNTY TOWNS IN ACCORDANCE WITH THE PRINCIPLES OF SOLID DEVELOPMENT FOUNDATION, STRONG FISCAL STRENGTH, AND LOW GOVERNMENT BOND ISSUANCE RATE. AS OF THE END OF JULY, MORE THAN 120 BILLION YUAN HAS BEEN INVESTED THROUGH CHANNELS SUCH AS CENTRAL BUDGET INVESTMENT, CORPORATE BONDS, AND DEVELOPMENT POLICY FINANCE TO ADDRESS THE WEAKNESSES AND STRENGTHS OF PROMOTING URBANIZATION IN COUNTY TOWNS.NEXT, THE NATIONAL DEVELOPMENT AND REFORM COMMISSION WILL FOCUS ON POLICY AND PROJECT IMPLEMENTATION, STRICTLY PREVENT HIDDEN DEBT RISKS OF LOCAL GOVERNMENTS, PREVENT "FLOOD FLOODING", PREVENT "HALF BAKED PROJECTS", PREVENT "LARGE-SCALE DEMOLITION AND CONSTRUCTION", PREVENT "GREED FOR FOREIGN INVESTMENT", INCREASE SUPERVISION EFFORTS, GUIDE VARIOUS REGIONS TO DO THEIR BEST AND ACT WITHIN THEIR CAPABILITIES, ENSURE ACCURATE AND EFFECTIVE INVESTMENT, AND LEAVE NO SEQUELAE.