The economic miracle of China in the past few decades can actually be summarized in two points.

First, exporting production capacity to the whole world, earning money from developed countries.

Second, leveraging real estate for the entire population, spending the money that belongs to the common people for the next thirty years all at once.

This is the true prosperity observed in the past few decades.

But this is also a kind of prosperity that is understandable yet unsustainable.

After all, you cannot become the sole supplier for the entire world; the purpose of globalization is not for one country to monopolize global supply. This is unrelated to costs or technology.

You also cannot maintain high leverage indefinitely; human lifespans are limited, and you cannot leverage for fifty years. Moreover, the situation of population birth rates is evident, so reducing leverage is inevitable.

Therefore, the current economy is stuck here, and we can only trust the wisdom of future generations.