Assistant to the head of Guangfa Securities and Chief Strategist Liu Chenming: Three debt restructuring paths reveal the arrival of the AI and Golden Age.

Liu Chenming, assistant to the head of Guangfa Securities and chief strategist, stated that starting from the most classic sovereign debt evolution equation, there are three ways to convert debt without substantial default: real growth exceeding real interest rates, unexpected inflation, and fiscal tightening. And under the above paths, both AI and gold will ultimately benefit.