China News Agency, Beijing, September 12 (Reporter Xia Bin) "The real estate industry will remain the driving force of China's economic growth. But in the next few years, housing will no longer be an asset used for speculation in the past, but for living This will make the housing market and the economy healthier," said Justin Yifu Lin, Dean of the Institute of New Structural Economics at Peking University.

　　Recently, the International Finance Forum (IFF) held the 24th academic conference with the theme of "The Rise of Asia".

Justin Yifu Lin attended the meeting and gave the above views when answering questions related to China's economy.

　　Since the beginning of this year, China's economic development has faced "triple pressure". The spread of the epidemic in many places and the downturn in the real estate market have also dragged down GDP growth.

Justin Yifu Lin said bluntly that slow economic growth will dampen people's confidence in the future.

"When you have no confidence in the future, on the one hand, investment will be suppressed; on the other hand, consumption will be suppressed, and growth will be slower."

　　In this situation, he believes that boosting confidence is very important, and this requires stimulating investment.

It can be seen that the Chinese government has taken some steps to invest in new infrastructure, industrial elements, etc. The investment will create demand and stimulate growth.

If there is more confidence in economic growth and the private sector, investment will start to increase supply and in households, people will have confidence in buying properties, which will support the real estate industry.

　　However, Justin Yifu Lin also emphasized that in the past, real estate was used for speculation, not completely for living. Now the government is trying to reposition it, requiring "real estate to live in and not to speculate."

"I think the Chinese government will find a way to support public housing, as we have seen in Singapore. There will definitely be a lot of investment in this type of public housing, which will also stimulate economic growth in China."

　　When talking about the rise of Asia, Justin Yifu Lin said that the booming economic development of Asian countries has boosted the share of Asia's GDP in the world from 4.1% 50 years ago to the current 24%. This economic phenomenon requires successful cases of Asian economies. based on economic theory.

Global academia needs to hear Asia's voice.

　　He argues that Western economic theory, including the so-called "Washington Consensus", cannot distinguish between the different stages of development of developed and developing economies.

　　In response to the question of whether innovation-driven development should rely more on the government or the market, Justin Yifu Lin said that for developing countries, importing technology from abroad to improve technology is an innovation, and the private sector will have motivation for such innovation.

At the same time, applying these technologies may also require improving human capital or infrastructure, etc., and in these areas, the government will definitely need to play a leading role.

　　He also mentioned that invention has two components, one is a breakthrough in basic research, and the other is the development of new technologies or new products on the basis of breakthroughs in basic research.

The private sector has an incentive to develop new products and technologies because of patentability if successful, but they have no incentive to basic research, so the government must support basic research.

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