Starting from the domestic macro level, we just announced that the consumer price index in September increased by 3% year on year, which was also interpreted by President Tan in the morning. Among them, the food price index increased by 11.2%, at the same time, the ex factory price index of industrial raw products released in September fell by 1.2% year on year, among which the ex factory price index of industrial raw products of means of production fell by 2.0%.
You can see clearly that there is a very important deviation phenomenon here, which will help us to deduce it. Let's pay attention to it. In recent days, some people have begun to ask through this data whether China has entered into stagflation or not. I think it's too early to say so now, but at least this phenomenon and this trend need our vigilance, which is not a good phenomenon.
Let's look at another set of data. From 2016 to 2018, the growth rate of domestic industrial added value is 6.0%, 6.3% and 6.1% respectively. This is not GDP, but industrial added value. The cumulative growth rate of industrial added value from January to September 2019 is 5.6% year-on-year. This 5.6% can be seen and there is also a relatively obvious slowdown ahead of us, which shows that the growth of industrial activity is slowing down and the trend is obvious.
In addition, last week, there was a news report that on the eve of the release of China's economic operation data in the first three quarters, Premier Li of the State Council presided over a symposium on economic situation on October 14, which was attended by the main heads of some provincial governments. The premier pointed out that "stable growth and economic operation in a reasonable range should be placed in a more prominent position".
My interpretation of this news is also a contradictory variable that needs to be considered today, that is, how to grasp the balance between the actual trend of slowing economic growth and the stimulus of national regulation and control policies