Recently, Li Xunlei, chief economist of China-Thailand International and vice chairman of the China Economists Forum, bluntly stated in a public speech that it is pure nonsense to say that real estate in our country can be replaced by high technology. "If China's economy wants to transform, it must ultimately develop advanced manufacturing and high technology." Therefore, in his view, in the national industrial policy, consumption should not be ignored because of the development of manufacturing.
"But now there seems to be a public opinion, which I don't quite agree with, saying that we can use AI and IT. The added value of these industries has now exceeded that of real estate, so they can completely replace real estate. I think this logic is problematic."
Li Xunlei pointed out that if high technology and manufacturing are a metabolic system of the human body, then consumer real estate is actually a circulatory system. From a macro perspective, our country has emphasized not only the development of high technology, but also the formation of a new development pattern in which domestic and international "dual cycles" promote each other.
"If it is said that real estate can be replaced, I think this is a misunderstanding. It cannot be said that high technology can replace real estate. Real estate is a hurdle that cannot be bypassed. Similarly, consumption cannot be bypassed. The proportion of consumption is so low now that it makes little sense to develop traditional consumption and traditional manufacturing."
