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Why is China's economic growth miracle unsustainable? How does the totalitarian system shape the framework of economic development? In the interview, Professor Xu Chenggang, a famous economist, deeply analyzed the institutional logic behind China's reform and opening up, property rights issues, and the fatal impact of soft budget constraints on economic efficiency. He revealed the core role of state ownership, population structure, and globalization in China's economic development, and analyzed the deep-seated causes of the current Chinese economic crisis and possible future trends. #王志安#许成钢#中国经济#改改#共权制#属性系统#经济危机#软Budget限制#房地产市场#全球化#政治经济 By becoming a member of this channel, you can enjoy the following benefits: / @wangzhian 🧑🤝🧑【Wang Bureau PATREON platform member joining link (enjoy member videos, member community, member manuscripts), this link supports mainland China bank card payment】: / 8734589 📖 The latest e-book "Wang Zhian on the Governance of China Volume 1" is officially launched. Purchase link: 【PATREON】Purchase link: https://www.patreon.com/wangzhian/sho... 【Amazon】Purchase link: https://www.amazon.co.jp/dp/B0D35W6N2G 【Apple Book Store】Purchase link: https://books.apple.com/us/book/王志安谈治...