According to CoinMeta, China's economic activity data in July was weak and failed to meet market expectations, indicating a sluggish start to the third quarter. Industrial production growth declined from 5.3% in June to 4.5%, and fixed asset investment fell by 12.8% year-on-year. Real estate sales volume and sales revenue both decreased by 13.5% and 8.8% respectively. Although there are early signs of recovery in some major cities, the overall economy still faces pressure. Goldman Sachs expects that if economic growth further slows down, the annual growth target of "4.5-5.0%" will be under threat.