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For the TDD system, we propose a novel channel estimation method based on the third-order interpolation, the least-square approximation and the partition of the training sequence. We also put forward a novel time slot, based on which the interpolation of the channel estimation can be performed in every TDD time slot. By using the novel channel estimation method and the novel time slot, the channel estimation can be completed in every TDD time slot instead of across several continuous time slots. For the modulation modes such as QPSK and 16QAM, the simulation results show the novel channel estimation method can obtain performance gain compared with the conventional method.