focusing on the challenge of insufficient demand in the current macroeconomic climate. The speaker argues that this issue, particularly in China, stems not from a lack of capital but from a declining return on investment, making it unprofitable for businesses to invest domestically. This situation, the speaker contends, is a global phenomenon and represents a structural issue that cannot be solved by traditional economic measures like adjusting interest rates or taxes. The proposed solution involves a shift towards a model where state-owned entities actively invest in the market to capture the risk premium typically held by private investors, effectively socializing the profits and distributing them to the population, potentially through mechanisms like universal basic income, thus stimulating consumption and addressing the demand problem.