Core Viewpoint - The concept of an "open market of ideas" is crucial for economic development, as emphasized by economist Ronald Coase, who expressed concerns about the lack of such a market in China, linking it to various economic issues [2][16]. Group 1: Definition and Importance of the Idea Market - Coase defines the "market of ideas" as a broad concept that encompasses the expression and competition of academic, viewpoints, and beliefs, emphasizing the need for freedom in both the production and acceptance of ideas [4][5]. - An open idea market fosters innovation, as a lack of free exchange of thoughts can stifle creativity and lead to stagnation in innovation [6]. - The idea market serves as a correction mechanism, allowing erroneous beliefs to be challenged and eliminated through competition, thus forming a social consensus [7][8]. Group 2: Economic Implications of the Idea Market - The idea market is essential for institutional evolution, as it encourages the necessary institutional innovations for economic transformation [11]. - It plays a critical role in resource allocation, as restrictions on the freedom of thought can lead to talent misallocation and waste of resources [13][14]. - Coase's theories suggest that a clear "intellectual property" framework can enhance the effective allocation of knowledge resources [14]. Group 3: Historical Context and Future Outlook - Historical evidence indicates that countries that successfully transitioned economically often had open idea markets, highlighting their importance in economic success [16][18]. - Coase's insights into the idea market are rooted in the thoughts of historical figures like Milton, who advocated for the significance of free thought [20]. - The future of the idea market is seen as a necessary evolution, with expectations that it will significantly benefit macroeconomic conditions through enhanced discourse [18][20].

Group 1 - The market has entered a new phase of strategic equilibrium following the US-China negotiations, with a shift towards internal economic growth in China and a reduction in global risk aversion [1][2] - Gold prices have adjusted significantly, with COMEX gold down 4.1% as the need for safe-haven assets diminishes due to improved geopolitical stability [1][2] - The Nasdaq index saw a weekly increase of 7.2%, benefiting from the easing of trade tensions between the US and China, while the S&P 500 and Dow Jones also recorded gains [2][3] Group 2 - The recent financial data indicates a significant drop in new bank loans in China, with only 280 billion yuan in new loans in April 2025, the lowest since 2005 for the same period [3][4] - The US has faced a downgrade in its credit rating from Aaa to Aa1 by Moody's, primarily due to rising debt and interest payment concerns, which could lead to increased borrowing costs [4][5] - The loss of credibility in the US is attributed to both rising debt pressures and inconsistent political commitments, which may increase transaction costs in international dealings [6][7] Group 3 - The ongoing trade war has led to a deterioration in market trust, increasing transaction costs and complicating contractual agreements [5][6] - The financial strain on companies is linked to poor resource allocation and aggressive expansion strategies, which could lead to a rise in financial crises and loss of credibility [8][9] - Mergers and acquisitions are becoming a focal point for investors, with a need for careful analysis of post-merger competitiveness to achieve desired returns [10][11]