重阳投资王庆：注入国资充实社保，破解房地产负财富效应

Core Viewpoint - The current adjustment in the real estate market is leading to a negative wealth effect, which significantly impacts consumer confidence and spending behavior [1][2]. Group 1: Real Estate Market Impact - The decline in real estate prices is affecting household net assets and consumer confidence, leading to more cautious spending and increased precautionary savings [1]. - To address this issue, it is essential to stabilize real estate prices and prevent the negative wealth effect from spreading further, avoiding a vicious cycle of falling property prices and reduced consumption [1]. Group 2: Consumer Spending Concerns - A major reason for weak consumer spending is households' concerns about future expenditures, particularly for retirement, healthcare, and education [2]. - Increasing public sector investment in these areas could alleviate household burdens and help unlock consumer potential [2]. Group 3: Policy Recommendations - A proposed policy is to inject part of the state-owned assets into the social security fund to enhance the sustainability and level of social security, providing families with greater peace of mind [2]. - This approach aims to reduce the need for excessive savings due to uncertainties about the future, thereby allowing current consumption capacity to be fully realized [2]. - The integration of state assets with social security could become a key direction for policy efforts in the next phase [2].