Expert suggests cultivating new pillar industries to offset the property downturn

In a recent interview with #ChinaPerspectives, Huang Hanquan, head of the Chinese Academy of Macroeconomic Research, said China's real estate supply-demand relationship has undergone significant changes, and the country needs to accept the reality of the declining contribution of real estate to economic growth. He said the country should foster new pillar industries including next-generation information technology, new energy vehicles, new energy, and new materials, to offset the impact of the decline in real estate on China's economy.

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