Da Mo Xing Ziqiang: For the Chinese economy, the role played by traditional sectors and "old and solid" sectors is still crucial.

On December 19th, at the "Alpha Summit" jointly hosted by Wall Street News and China Europe International Business School, Xing Ziqiang, Chief Economist of Morgan Stanley China, stated that whether it is the wealth effect of residents or the employment impact of the upstream and downstream sectors driven by the economy, it is inseparable from solving the stabilization of real estate enterprises. The efficiency of wealth created by the new technology industry may be reflected in some hard technology new stocks that are just emerging in the stock market, but China's capital market only accounts for a single-digit percentage of residents' wealth allocation, with nearly sixty percent of residents' wealth still in real estate.