Chairman Lou Jiwei attended the seminar on asset revitalization.

On the morning of August 8, the Global Wealth Management Forum held a seminar in Beijing on the topic of "Progress, Challenges, and Strategies for Activating Local State-owned Stock Assets." Chairman Lou Jiwei attended the meeting and delivered a summary speech. In his remarks, Lou Jiwei stated that revitalizing state-owned assets is both an urgent task in the short term and a long-term strategic mission. Currently, China's GDP deflator index is under temporary pressure and declining, while the pressure to maintain a tight balance in public finances continues to rise; the structure of our tax revenue is dominated by indirect taxes, leading to a notably weaker growth rate of tax revenues compared to nominal GDP growth, thus limiting the endogenous revenue growth momentum of public finances. Coupled with a significant contraction in land finance revenue, the rigid increase in interest expenses due to the resolution of local implicit debts and the normalization of long-term government bond issuance continues to highlight the pressure on both the revenue and expenditure sides. Considering multiple constraints from reality, the activation of state-owned stock assets is not merely a short-term emergency measure, but a key task that needs to be normalized and promoted in a long-term and effective manner.