Li Daokui, member of the Central Bank’s Monetary Policy Committee and director of the China and World Economic Research Center of Tsinghua University, pointed out at the China’s macroeconomic forum on Saturday that in the process of realizing a soft landing of China’s financial bubble, it should take advantage of the situation to pass official foreign exchange reserves. The way in which the renminbi is purchased is handed over to investors in Wenzhou and other places where underground finance is more advanced, and part of the over-liquidity of the Chinese economy is gradually being brought overseas.

Li Daokui believes that in the next two to three years, the Chinese economy will need to complete three “soft landings”. The soft landing of the first soft landing over economic growth and excessive dependence on foreign trade and exports has basically been achieved. The second soft landing is a soft landing of the real estate market. Even if the growth rate of China's GDP will slow for the next year, and for three years, any bubble can be filled. Therefore, the real estate problem cannot be rushed.

In Li Daokui's view, the third soft landing is a soft landing of the financial bubble. “The bubble in finance is not reflected in the stock market, nor is it simply the expansion of loan size, but the chaotic phenomenon of underground finance.” . Li Daokui believes that it is necessary to take advantage of this trend and lead to the gradual and orderly introduction of part of the Chinese economy’s excessive liquidity to foreign countries.

He proposed that in the coming period, if some official foreign exchange reserves are handed over to Wenzhou investors in an orderly manner, they will be allowed to use RMB to purchase these foreign reserves and to invest abroad in an orderly manner. On the one hand, it can allow China's official foreign exchange reserves to decline. It can also reduce the excess liquidity in the domestic financial sector, and it can also bring investment income to the people.

“European debt crisis and Wenzhou investors are not completely unrelated,” said Li Daokui. “We are not spectators on the European debt crisis. This is a major strategic opportunity for us. If we look back 20 years later, It is a process of reshaping the global economy and even the political landscape. The European continent is precisely the key piece for creating a pluralistic pattern. Therefore, we must look at the issue from this perspective, not simply focusing on the benefits of foreign exchange reserves."

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