On the morning of August 8, the Global Wealth Management Forum held a seminar on “Progress, Difficulties and Strategies to Revitalize Local States' Assets” in Beijing. Chairman Lou Jiwei attended the conference and delivered a concluding speech. In his speech, Lou Jiwei said that revitalizing state-owned assets is not only a recent top priority, but also a long-term strategic task. Currently, China's GDP deflation index is being phased down, and the pressure on fiscal maintenance to maintain a tight balance pattern continues to rise; China's tax structure is dominated by indirect taxes, and the growth rate of tax revenue is significantly weaker than the nominal GDP growth rate, and the internal fiscal momentum for revenue growth is limited. Combined with a sharp contraction in land revenue, and a rigid rise in interest expenses brought about by the resolution of hidden local debt and the normalization of the issuance of long-term treasury bonds, pressure on both ends of income and expenditure continues to be prominent. Looking at multiple realistic constraints, revitalizing state-owned assets is not a short-term emergency measure; it is a key task that needs to be normalized and promoted in the long term.

On the morning of August 8, the Global Wealth Management Forum held a seminar on “Progress, Difficulties and Strategies to Revitalize Local States' Assets” in Beijing. Chairman Lou Jiwei attended the conference and delivered a concluding speech. In his speech, Lou Jiwei said that revitalizing state-owned assets is not only a recent top priority, but also a long-term strategic task. Currently, China's GDP deflation index is being phased down, and the pressure on fiscal maintenance to maintain a tight balance pattern continues to rise; China's tax structure is dominated by indirect taxes, and the growth rate of tax revenue is significantly weaker than the nominal GDP growth rate, and the internal fiscal momentum for revenue growth is limited. Combined with a sharp contraction in land revenue, and a rigid rise in interest expenses brought about by the resolution of hidden local debt and the normalization of the issuance of long-term treasury bonds, pressure on both ends of income and expenditure continues to be prominent. Looking at multiple realistic constraints, revitalizing state-owned assets is not a short-term emergency measure; it is a key task that needs to be normalized and promoted in the long term.