China 1. The real estate market value exceeds 400% of GDP, the highest level in the world and history

2. Real estate wealth accounts for nearly 80% of all residents’ wealth, the highest level in the world and history

3. The average rental yield is less than 2%, and the price bubble is obviously very serious

4. More than 70% of bank loans are mortgaged by real estate

Look at A-share banks and real estate The board of directors took away 2/3 of all profits, and the profits of the 1,444 small and medium-sized board companies were not as good as those of ICBC. How could this become a bull market? I recently read a report. There are countless companies in the United States with annual profits of tens of billions. However, there is only one Chinese technology company that is not listed on the market. I won’t tell you, but you all know who it is.

This It’s official data. In the past ten years, the IPO fixed increase was almost more than 9 trillion, more than 9 trillion, what is 40% used for? They are used to speculate in stocks, futures, and participate in financial companies, but they are not used to engage in the main business. Is this a good thing for a listed company? Therefore, if the equity pledge is to be liquidated, it will be destroyed. As an economist, I am opposed to the government's rescue. If you want to liquidate the equity pledge, you should liquidate it. Why go to rescue? Why do you take the debt of the equity pledge? You can take it. What did you do?

I also know many founders and bosses of listed companies. Frankly speaking, quite a few of the equity pledged funds were not used to actually engage in his main business. What were they used for? They all go for imaginary things: buy financial management, buy a house. According to official data, the amount of speculative housing purchases by our listed companies is more than RMB 10,000, one to two trillion. Therefore, China's economy is all fictitious, relying on leverage and leverage.

Since 2009, China has embarked on this path of no return, with its leverage ratio soaring sharply. Our current corporate leverage ratio is three times the average leverage ratio in the United States and twice that in Japan. Corporate debt ratios, non-financial companies have the highest debt ratios in the world. Not to mention real estate.

Can these policies solve China’s fundamental problems? Our monetary policy this year is not loose. This year we have released 4 trillion yuan in liquidity. The hedging is called the medium-term borrowing facility, and we have released 2.3 trillion yuan. Multiplied by 2.3 trillion yuan in currency, it is more than 10 trillion yuan. The credit policy shoots out "three arrows", which is known as "Bank Yi has three arrows". The first arrow is a loan, the second arrow is debt issuance, and the third arrow solves equity pledge.

What’s even more bizarre is that they put forward the One, Two and Five Five goals. Recently we went to the Pearl River Delta for research. According to the local government, the local government invited the bank president to a meeting and asked for a loan. Isn’t this nonsense? So we need to reflect on our current problems. Can policies like ours solve our deep-seated problems? ?