At the 2026 China Chief Economists Forum Annual Conference held in Shanghai from January 10-11, Yin Jianfeng, Chief Economist of CZBANK, delivered a speech themed "Mid-Game Strategy: Building on the Past to Forge a Strong Nation."
Yin Jianfeng expressed that there is no need for excessive pessimism towards the real estate market in 2026, especially in first-tier and core second-tier cities. He noted that transaction volumes for residential properties in top-tier cities among the ten major cities have stabilized since last year, while the number of units sold has sharply declined from 320,000 in previous years to just 260,000 currently, indicating a reduction in inventory.
He also pointed out that there is similarly no reason for pessimism towards the stock market. Reflecting on the past 40-plus years since reform and opening up, years of the Horse in the Chinese zodiac have consistently been periods that supported economic stabilization. Traditional industries impacted by various shocks are gradually recovering, secondary cyclical industries may usher in a new cycle, and strategic emerging industries are maturing from infancy to strength, with new growth drivers now capable of propelling older sectors.
