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produced by: phoenix finance "cover"

from september 2 to 4, the "new opportunities, new vitality - phoenix bay area financial forum 2024" will be held in the hengqin guangdong-macao deep cooperation zone. the forum is hosted by phoenix satellite tv and phoenix.com, and co-hosted by the hengqin guangdong-macao deep cooperation zone executive committee. on the eve of the opening of the forum, phoenix finance's "cover" interviewed meng xiaosu, the former head of the national housing reform research group and the former chairman of china real estate group.

during the interview, meng xiaosu suggested that at least 3 trillion yuan should be invested every year in affordable housing construction in the next ten years.

although the annual investment of 3 trillion yuan is huge, meng xiaosu pointed out that this figure may still be insufficient considering the target of providing 10 million affordable housing units each year.

"you have to consider who will pay for this part of the money. it is not right to say that all the money should be paid by local governments and the central government has no responsibility. local governments do not have such great ability now." meng xiaosu said, "the central government should take the lead in paying. because the central government still has the ability to issue national bonds, and the best investment direction of national bond funds is affordable housing."

meng xiaosu questioned the suggestion that the government bond funds be distributed directly to the people to stimulate consumption. he asked, "how can you distribute it to low- and middle-income families instead of the rich? another question is, how can you ensure that the people can spend the money instead of keeping it in the bank? so you can't do it."

"if this money is used to build affordable housing, and the affordable housing is sold to middle- and low-income and ordinary families, wouldn't that be a practical guarantee for the people?" said meng xiaosu.

the following is an excerpt from the conversation between meng xiaosu and phoenix finance's "cover" magazine:

phoenix finance "cover": i saw that you mentioned a suggestion to spend 3 trillion yuan every year to build affordable housing in the next 10 years.

meng xiaosu: 3 trillion may not be enough, but i think there should be a rough estimate. if we are preparing to provide 10 million units per year, we can provide 100 million units in the next ten years. the original "14th five-year plan" determined that there would be several hundred thousand units per year, which will be increased to 10 million units. these 10 million units will require an investment of 3 trillion to 4 trillion.

you also have to consider who will pay for this part of the money. it is not right to say that it is all paid by local governments and the central government has no responsibility. local governments do not have such great capacity now.

phoenix finance "cover": yes, it does not have the financial resources.

meng xiaosu: the state council document also stipulates that any local government that increases hidden debts by building affordable housing should not implement it. this means that not many cities can implement it. so what should we do? the central government should take the lead in paying. because the central government still has the ability to issue national debt, and the best investment direction of national debt funds is affordable housing.

some people say that the government bond funds can be distributed to ordinary people for consumption. this is a good idea, but i want to ask, how can you distribute it to low- and middle-income families instead of those rich people? another question is, how can you ensure that these ordinary people can spend this money instead of keeping it in the bank? so you can't do it. if this money is used to build affordable housing, and the affordable housing is sold to low- and middle-income and ordinary families, wouldn't that be a practical guarantee for the people?