Lang Xianping: The property market frenzy is a bubble phenomenon

Yesterday afternoon, the central activity area of ​​the South China Book Festival Pazhou Complex was crowded, and everyone held the camera and looked forward to waiting for the wonderful lecture entitled “What happened to the Chinese economy” brought by economist Lang Xianping. In the lecture, Lang Xianping made an in-depth analysis of the economic hotspots, such as the domestic economic trends, price trends, and the US debt crisis, which are of the utmost concern to the people. The unique insights made the audience refreshed.

“The frenzy of the property market is a bubble of economic fever”

In recent years, China's housing prices have continued to be bullish. Although government regulation measures have been followed up, they still can't stop the frenzy of the property market, and property prices remain high. In this regard, Lang Xianping said without a word, "This is not a good performance of the economy, but a bubble of economic fever."

Why is this happening? Lang Xianping believes that this is because our economy is sick, so there will be a phenomenon in which property prices remain high.

Lang Xianping analyzed the reason why property prices stayed high because of the impact of two funds. The first fund comes from manufacturing. At present, the manufacturing industry faces two difficulties. First, the investment and business environment has deteriorated across the board. Second, there is a serious excess of production capacity. These two dilemmas have caused a manufacturing crisis. As a result, entrepreneurs have retreated, and a large amount of funds from the manufacturing industry have entered the property market and the stock market. Lang Xianping said, "Recently, the renminbi exchange rate has been growing, the prices of imported raw materials have been rising, and the tax burden has been overweight, which has caused manufacturing operations to fall into a deeper dilemma than in 2006." The result is that The manufacturing industry continued to deposit a large amount of funds, and switched to the property market, stocks, luxury goods, art and other industries, causing a hot economic boom in the past year.

He said that the second fund comes from inflation hedge funds. During the period of inflation, the currency depreciated. In order to avoid the losses caused by inflation, a large number of safe-haven funds were invested in the property market and the stock market, thus aggravating the symptoms of fever in the property market.

Investor divestment leads to insufficient liquidity in the stock market

"Look at your expression is a look of being trapped." Lang Xianping said with a smile to the audience. Then, he asked: "Why is China's stock market weak? China's stock price began to fall in April this year, and it fell sharply in the face of the US debt crisis, and then rebounded. Is this all caused by US debt?"

“No!” Lang Xianping asked himself and asked himself: “The stock market is weak because China has already created a debt crisis.”

He said that in April this year, local governments had problems with bond repayment defaults. In Yunnan, Sichuan, Shanghai, Harbin, Guangdong and other provinces and cities, there was a large-scale default of local government bonds, and interest payments could not be made. In order to pay off debts, it is necessary to reorganize funds, resulting in the cashing of many listed companies under the jurisdiction of the SASAC. The Chinese debt crisis caused institutional investors to divest the stock market, resulting in a serious shortage of liquidity in the stock market and a weak stock market.

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