The 2025 Sohu Finance Annual Forum was held in Beijing on November 27, bringing together over twenty distinguished guests from academia, business, and investment sectors, including Zhang Chaoyang, Wu Xiaoqiu, Sun Liping, Huang Shaoqing, Zhang Yipeng, Wu Xiangdong, and Wu Shichun. The forum featured in-depth discussions on key topics such as macroeconomic policies, industrial upgrading, corporate globalization, capital market reforms, and the evolving international landscape.

**Assessing China's Economic Resilience Amid Global Changes** Wu Xiaoqiu, a National First-Class Professor, former Vice President of Renmin University, and Dean of the National Finance Research Institute, highlighted China's transition from an era of scarcity to one of surplus within just four decades. He emphasized the need to expand consumption under current conditions, stating, "The core of income growth lies in employment. If both existing and new job opportunities face pressure, increasing incomes becomes extremely difficult. Strengthening both private and state-owned economies is essential for improving employment."

Liu Jipeng, a professor at China University of Political Science and Law, outlined three critical factors for sustaining the A-share market's growth beyond the 4,000-point threshold: controlling major shareholders' share reductions, implementing low-interest buybacks, and ensuring market returns benefit investors. He asserted, "As long as confidence and hope in China's future remain, the capital market will thrive."

To boost consumption, economist Teng Tai, President of Wanbo New Economic Research Institute, proposed three unconventional measures: issuing trillion-yuan universal consumption vouchers to stimulate demand, transferring ten trillion yuan in state-owned equity to social security to enhance long-term income expectations, and leveraging capital markets to create a wealth effect worth hundreds of trillion yuan to bolster consumer confidence.

**Real Estate: Transitioning to High-Quality Development** Zhang Bo, Dean of 58 Anjuke Research Institute, noted that the "15th Five-Year Plan" emphasizes diversifying urban and rural residents' property income, signaling a shift from the traditional reliance on real estate for wealth accumulation. He remarked, "Fluctuating housing prices reveal that true financial security stems from diversified stability, not just property value changes."

Shih Wing-ching, Founder and Chairman of Centaline Group, drew parallels between China's current real estate challenges and Hong Kong's post-1997 experience, advocating for reduced land sales in regions with stagnant population growth.

Wang Junfeng, Vice Chairman of the China Real Estate Association's Construction Agency Branch and CEO of Greentown Management, highlighted the transformation of construction agencies from "volume expansion" to "quality enhancement," with competitiveness now rooted in value creation rather than price competition.

Sun Yigong, Chairman of Topspring Group, predicted that 2025 would mark the bottoming-out phase for China's real estate market, with most cities completing adjustments within two years through inventory reduction.

**Innovation and Resilience: Entrepreneurs Define the Era** Under the forum's theme of "Resilience," participants explored strategies to navigate economic cycles. Zhang Yipeng, Vice President of Yili Group, emphasized the dairy industry's shift from quantity-driven to quality-driven growth, focusing on functional nutrition products.

Wu Xiangdong, Chairman of Jindong Investment Group, Zhenjiu LiDu Group, and Huazhi Wine, stressed the importance of innovation for liquor companies, advocating for "super products" supported by innovative distribution, marketing, and experiential models to achieve countercyclical growth.

In the aerospace sector, Peng Yuhao, Co-Founder and Vice President of Oriental Space, highlighted the finite nature of space resources and China's efforts to catch up with global leaders like SpaceX.

Xie Yunpeng, Vice President of Yunji Technology, underscored the irreversible progress of AI and robotics, envisioning deeper integration of embodied and disembodied intelligence to serve households and industries.

Zhen Shaoqiang, President of Great Power Energy, addressed challenges in the energy storage sector, describing its current phase as a "growing pain" marked by price volatility and consolidation, essential for maturing into a stable industry.