The data in July warns us that the overlap of three periods of China's economy is even more complicated and severer than expected. ANBOUND think tank scholars believe the series of unexpected data in the "black July" suggest that currently the domestic real economy growth is weak and China’s economy in the second half year isn’t promising. China needs to resolutely promote reform and continue to activate stock resource through marketization mechanism to successfully go through the overlap of three periods. China might experience a dark period like “black July” in the short term. But in the long term, this will serve as a solid foundation for sustainable economic growth.