On August 3rd, Kloc-0, the 13th Nomura China Investment Annual Meeting was held. Lu Ting, chief economist of China District, said that China is facing a "Volcker moment", and the government is willing to sacrifice short-term growth for the realization of long-term goals, including reducing dependence on foreign high-tech products, increasing the birth rate and narrowing the gap between the rich and the poor. Despite the recent downward pressure on China's economy, Lu Ting believes that high-level officials will not relax real estate regulation again. First, to cope with the Sino-US scientific and technological competition and avoid investing a lot of resources in the real estate industry, but choose to increase support for high-end manufacturing and high-end service industries and get rid of external dependence; Second, I hope to improve the fertility rate in China by curbing housing prices and removing the most important mountain among the three mountains; Third, 70% or 80% of the gap between the rich and the poor in China comes from real estate, which is one of the core contents of narrowing the gap between the rich and the poor and realizing common prosperity. Excessive housing prices restrain the national consumption demand, and at the same time lead to a large number of resources flowing into real estate, which in turn leads to insufficient investment in high-tech industries. "Under the background of Sino-US trade conflict, these disadvantages have been exposed completely." Now the government also wants to break this cycle. Our current round of real estate regulation and control is unprecedented, and there is no retreat. (The government) will not easily change the current regulatory situation. "