Shao Yu: Bubbles Are Not a Negative Term, They Determine Where Resources Are Directed

Deep News01-11

The 2026 China Chief Economists Forum Annual Meeting was held in Shanghai from January 10th to 11th, under the theme "Mid-Game in Chess: Connecting Past and Future to Build a Strong Nation." Shao Yu, a specially appointed senior researcher at the National Institution for Finance & Development, attended and delivered a speech.

Shao Yu expressed his view that the three most resilient bubbles in the world in 2026 are: first, gold; second, gold again, which has experienced significant volatility this year; and third, artificial intelligence. He pointed out that artificial intelligence represents not just the current era's, but potentially the largest bubble in human history to date. However, he also emphasized that if bubbles are to be graded, technology bubbles are the least detrimental kind. This is because every major technological and industrial innovation has been propelled by a bubble. A bubble signifies the channeling of more resources into a particular area, such as with railways and the internet, which have fundamentally transformed human life. "I don't believe 'bubble' is a negative term; it determines where we guide our resources," Shao Yu said.

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