Core Viewpoint - The real estate market continues to decline despite numerous encouraging policies, indicating a persistent downward trend in housing prices and a need for new strategies to boost consumer spending and income [2][5][11]. Group 1: Real Estate Market Trends - As of September, the second-hand housing market in 100 cities has seen a month-on-month decline of 0.74% and a year-on-year decline of 7.38%, indicating a price-for-volume exchange [2]. - First-tier cities have all experienced month-on-month declines in second-hand housing prices, with Shanghai down 0.48%, Shenzhen down 0.5%, Beijing down 0.6%, and Guangzhou down 0.97% [2]. - Second-tier cities saw a month-on-month price drop of 0.87%, while third and fourth-tier cities experienced a decline of 0.68% [2]. Group 2: Consumer Spending and Income Issues - The lack of consumer spending is attributed to low disposable income after paying off housing and car loans, with the average disposable income in 2024 projected at 41,314 yuan, leaving around 25,000 yuan after debts [5]. - The current economic climate shows a trend of downgraded consumption rather than a rebound, highlighting the disconnect between reported income and actual disposable income [5]. Group 3: Proposed Solutions - A new "National Income Doubling Plan" has been proposed to convert excess and ineffective investments into disposable income for residents [7]. - Historical evidence from Japan's "Ten-Year Income Doubling Plan" suggests that similar initiatives can effectively increase national income levels [9]. Group 4: Housing Prices and Economic Stability - The relationship between income growth and housing prices is complex; while lowering housing prices could increase disposable income, a drastic drop could lead to financial risks and economic instability [14]. - The preferred approach is to maintain stable housing prices while gradually increasing residents' income, as indicated by government policies [17].