[Xiao Yuanqi, Deputy Director of the State Administration of Financial Supervision: Local bubbles have occurred in major technological revolutions, but they can form greater growth in the long term] November 3, this morning, Xiao Yuanqi, Deputy Director of the State Financial Supervision Administration, said at the Hong Kong International Financial Leaders Investment Summit that whether there is a bubble in artificial intelligence (AI) has been a hot topic of discussion around the world recently. Looking back at the history of human development, almost every major technological revolution has seen bubbles of varying sizes. In the short term, the bursting of local asset bubbles has indeed occurred in history, but in the long term, we believe that it can be digested and can generate new and greater growth.