China's first week after the National Day Holiday started with a gift from the People's Bank of China— Reserves Requirement Ratio (RRR) Cut for banks, which will release 1.2 trillion yuan liquidity, including 450 billion yuan to be used to replace maturing Medium-Term Lending Facility (MLF). The RRR cut comes after the central bank's balance of MLF and other relending instruments hit  record high. Analysts say the move is more about structural rebalancing than liquidity injection.

In the Golden Week Holiday, days for most Chinese to take trips and spend money, China saw the growth of tourism revenue slip to the lowest in ten years and the growth of retail sales drop below 10 per cent for the first time in a decade, indicating that a slowdown in the world's second largest economy piles pressure on consumption. 

China’s top policy makers said they will scrap cash subsidies for new projects to tear down and redevelop shantytowns, or officially called monetised settlement for shantytown redevelopment, in cities with low housing inventory and hot property markets, scaling back from a policy that has been a key factor propping up property markets over the past couple of years.