Overcapacity, local government debt and real estate bubble are the three stubborn diseases facing China's economy  If these problems are not handled properly, they may lead to a hard landing of China's economy  The root cause of the formation of the three stubborn diseases is that China's long-term capital interest rate is low  Only when the cost of capital returns to a reasonable position, can the demand for the overcapacity be controlled and the over-pressure on real estate investment be gradually released
The impulse of local governments to borrow money for development has not been suppressed, and it is difficult for the stock market to come if the three stubborn diseases are not effectively controlled
If China's stock market has not yet ushered in a bull market, it must be that the three stubborn diseases have not been effectively controlled.