Keyu Jin

and they can do a better job.

So then it was geared towards real estate.

And that's how the property cycle became the big thing.

Everything was at double speed because of what the local government's incentives were designed to do.

I say now that China's biggest challenge is consumption, right?

It's not

We know that China is very, very competitive in production and supply.

China needs to be a consuming country to be a rich country.

Why don't you put consumption as part of the yardstick for measuring local governments?

You know, for a while it was environmental protection.

Guess what?

Very few of them really want to do it seriously because it goes against the policy.

incentives of driving growth, right?

They would suffer on GDP growth if they were very serious about environmental protection.

So for a couple years, nothing happened in China on that front.

And then the central government got really kind of concerned and even angry and frustrated.

So they decided to put that as a penalizing factor.

And then guess what happened?

Well, actually, environmental protection sped up.

And, you know, in a matter of short, short few years, I see blue skies every day in Beijing.