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Source | Zhenghe Island

Narrated by Zhu Ning, Vice President and Professor of Finance, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Interview: Sun Yunguang, Content Director and WeChat Editor of Zhenghedao

At present, the economy is under pressure, and several key core issues are widely discussed in the industry.

For example, why have China's housing prices skyrocketed over the past decade? Why has local government debt soared? How did overcapacity develop to the point it is today?

About theseAs early as 2016, Mr. Zhu Ning, Vice President of the Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University and Professor of Finance, wrote a book entitled "Rigid Bubble", which comprehensively discussed and analyzed the problems and challenges facing the Chinese economy, as well as the countermeasures.

At that time, the views in the book still faced many doubts, but as the saying goes, "the wise see things before they are born", many current economic problems are gradually confirming what is said in the book. Professor Zhu Ning said: "As a scholar, I should be happy to see my thoughts confirmed, but I can't be happy in my heart. I really hope that I am wrong and all this has not been confirmed."

Professor Zhu Ning studied under the famous Nobel Prize winner Professor Robert Shiller, and his thoughts and sharing are full of insights and inspiration. Recently, we had a conversation with Professor Zhu, and we hope that experts can correct us.