The market also took the lead in reacting to this in the form of a major crash. Immediately, Japanese stocks plummeted, Singapore, Hong Kong, and Taiwan stock markets plummeted. Assets that depend on Chinese demand, such as oil, iron ore, and copper futures, also suffered "Waterloo". Predictions of a recession in China's economy not only caused the stock market to plummet, but the lead plate also killed steel traders' good expectations for the market outlook.

 According to data released by HSBC last Thursday, China's May HSBC manufacturing PMI preview value unexpectedly fell to 49.6, the first time in 7 months that it fell below the 50 mark, ending the previous 6 consecutive months of expansion (the final value showed). , the final value in April was 50.4. The unexpected drop in China's economic data has caused quite a stir in the market, and some institutions have predicted that China is about to re-enter a recession period. This is not the point. The point is that facing such recession data, Li Keqiang still firmly stated that China can no longer rely on Government stimulus measures to drive economic growth. It can be seen that there is little chance of the central government issuing an economic stimulus plan in the short term.

 In addition, it was reported on the 23rd that Premier Li Keqiang of the State Council vetoed the urbanization draft of the National Development and Reform Commission, and L80 Oil Casing hopes to revise the draft to further strengthen economic reforms. As many local governments have lobbied for project financing, the central leadership has become wary. CDB recently pledged to provide 150 billion yuan in loans to Fujian province to support urbanization, and 30 billion yuan for Anhui urban projects. An economist advising the State Council said: "The urbanization plan may be delayed. Senior leaders have discovered that there will be potential risks if urbanization is not carried out on the right path." With high expectations, and because of this, major steel mills are producing at full capacity, and they are all preparing for inventory for the later urbanization and the surge in demand. Until the preview value of HSBC's manufacturing PMI unexpectedly dropped below the line of prosperity and decline in May, some market analysts still pinned their hopes on urbanization in the later period, believing that the economy is sluggish and the government may boost the economy through urbanization.