China's industrial value-added, total retail sales of consumer goods, and fixed asset investment data for July will be released simultaneously at 10:00 AM Beijing time on August 17. These data, along with policy combinations, will test the quality of China's economic recovery. CICC Securities expects total retail sales of consumer goods to continue a moderate recovery. If the decline in real estate investment narrows, sentiment in the real estate chain and cyclical commodities may marginally improve.