This is particularly due to a bumper harvest in grain and stable energy prices. Our gas and oil prices follow global trends. Our electricity prices have basically been stable since the beginning of the year. Looking for next year, the inflation forecast is in the moderate range. China's growth rate, however, is right now somewhat slower than expected due to COVID and other factors.
Our third quarter growth rate is 3.9% on a year-on-year basis. But as you see, we have a pretty accommodative monetary policy in place to help with economic recovery and maximize employment. And our focus is growth right now. We recently cut the Required Reserve Ratio (RRR) by 25 basis points, and also led the market interest rates lower a little bit.