At the "China Finance 2025 Summit" held in Beijing on December 7, Liang Hong, Chair of the Institutional Business Committee at Huatai Securities (HTSC), delivered a keynote speech titled "Charting China's Economic Breakthrough Path."

Liang emphasized that the current economic growth is primarily driven by improvements in production efficiency, which establishes a solid foundation for the revaluation of RMB-denominated assets and currency appreciation.

She analyzed that approximately 5% of China's economic growth over the past two years predominantly originated from productivity gains rather than capital-intensive expansion. This qualitative improvement in growth dynamics, amid Chinese enterprises' globalization and industrial upgrading, will inevitably trigger a reassessment of RMB assets and provide fundamental support for a stronger exchange rate. "This creates a more favorable international environment for adjusting monetary policies and asset prices," she noted.

Liang proposed three key focus areas for sustainable development: First, short-term measures should stabilize the property market and local government finances through targeted policies to prevent economic drag. Second, leveraging the current real estate adjustment phase to address housing affordability could simultaneously boost domestic demand and alleviate sectoral pressures. Third, optimizing existing state-owned assets—redirecting their returns to support low-income consumption and social security funding—is now critically important.

She concluded that progress in these areas would not only deliver real growth but also restore "nominal growth" momentum, potentially ushering the RMB into a more resilient and sustainable appreciation phase.