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The unstoppable decline in both volume and price of real estate.

The discussion in the academic community has shifted from the "sense of mission" of the property market to the discussion of "market failure" and "policy failure". From my personal experience, the academic community's approach of putting aside the labels of ideology and stance and peeling off the bamboo shoots from the deep logical consistency of economics represents that Chinese economics has finally had a rational beginning.

What is market failure?

The expression of this concept, like that of "planned economy" and "public ownership", is prone to general textual errors due to literal interpretation.

We know that "planned economy" is not the same as "planned economy". Any economic form is a planned economy. The primitive matriarchal society is also a planned economy. The distribution plan must be made according to the matriarchal system because no one knows who the father is.

The ceiling of micro-planning is the market economy, not the "planned economy"; we know that "public ownership" is a concept of property rights, not a concept of distribution. There is no property rights and no distribution rights. "Public ownership" does not mean that everyone has property rights. It is not the "reconstruction of personal ownership" proposed by Marx, that is, everyone has ownership, and the property rights belong to the state. Marx believed that one of the prerequisites for realizing communism is the demise of the state. Similarly, "market failure" also has similar misunderstandings and cannot be interpreted literally.