On the left, the three lines represent the year-over-year growth of China's fixed asset investment. The purple line is for state-owned companies, which sometimes would invest based on the government's objectives. The blue line is for private businesses and their investment decisions are more driven by their business outlook and executives' confidence on the economy.

On the right, the grey line is China's retail sales, the blue line is online sales, and the purple line refers to consumer confidence. Retail sales are determined by the general public's income growth and confidence on their finances. China's online shopping has been a bright spot in recent years and its growth rate has been significantly above general retail spending. Yet, it has not been immune from more cautious consumer confidence, as people remain concerned about future income prospects amid the backdrop of sustained COVID resurgence and weakening economic growth.