partly because the overall household purchasing power was not sufficiently strong and household debt remained elevated. Private investment picked up in line with the improved economic outlook, and with
purchasing power. However, from Sep-21 onward, restrictions were gradually lifted, resulting in some improvement in consumer spending. Meanwhile, competition in mobile industry remained elevated as operators
from shuttle service, revenue from amusement park activities, revenue from consignment services, share of photography fees, other income from operations and etc. In 2018, the Company’s revenues from the
, domestic demand would be restrained by elevated household debt, some signs of moderation in earnings and employment in the export-related manufacturing sector, as well as public spending and public
household debt remained elevated, economic expansion had yet to benefit household income in a broad-based manner, and the low level of some agricultural price resulting in a gradual improvement. Private
. On the domestic front, elevated household debt remains a constraint to purchasing power. In the meantime, domestic political situation also warrants monitoring as the government is preparing for an
industrial countries that could affect domestic demand as well as geopolitical risks. In addition, there remained downside risks pertaining to domestic factors such as elevated household debt, impacts from