Li Xunlei: Currently, the market's expectations for "anti-inner loop" are too high. Some bulk commodity prices have risen sharply, with suspicion of excessive speculation.

Li Xulei's recent point of view pointed out that unlike the supply-side structural reform ten years ago, the current "anti-indoctrination" is under the framework of national unified market construction, using market-oriented thinking, the concept of rule of law to strengthen industry governance, promote orderly exit of backward production capacity, emphasize fair competition and market order. Ten years ago, the real estate was still in an upward cycle, and the negative effects of supply contraction could be alleviated by "monetization of shantytowns" and "price increases to reduce inventory." Moreover, the real estate upward cycle is inevitably a period of consumption upgrading, with high-end consumption at that time progressing rapidly. Now, we are facing the pressure of a long downward cycle in real estate and a decline in consumption demand. This round of "anti-indoctrination" is not a storm-like event, but more to prevent the blindness of local investment and avoid more serious overcapacity caused by repeated investment. However, the problem of insufficient demand is a long-term structural issue that cannot be solved simply by anti-indoctrination. Currently, the market's expectations for "anti-indoctrination" are too high, with prices of some bulk commodities rising sharply, leading to suspicions of excessive speculation.