On September 19, the 2026 Tsinghua Wudaokou Chief Economists' Forum was held at Tsinghua University. The theme was “2026 China and World Economy Review and Prospects: Global Rebalancing and International Monetary System Restructuring”. Ju Jiandong, chair professor at the Wudaokou School of Finance at Tsinghua University and director of the International Finance and Economics Research Center, attended and gave a speech. He proposed that issuing 10 trillion yuan of treasury bonds to foreign countries could achieve triple rebalancing. Ju Jiandong explained in detail that first, China's trade surplus of 1.2 trillion US dollars was converted into an increase in net assets. If all US bonds were purchased, US foreign debt would increase accordingly. By issuing 10 trillion yuan denominated treasury bonds using net assets as collateral, China's foreign debt increased by 10 trillion yuan to achieve a rebalance between external assets and liabilities. Second, why should the proceeds from the 10 trillion yuan treasury bonds issued abroad be used? He only saved 2 trillion yuan to raise the per capita pension for urban and rural residents to 1,000 yuan, 2 trillion yuan to replace local government debt, 4 trillion yuan for additional local government investment, and 4 trillion yuan for new investment by the central government. Pension increases drive an increase in consumption and investment, a decline in savings and an increase in investment, thereby increasing domestic demand, reducing foreign exports, increasing imports, and achieving rebalance. Third, the central government and local finance were rebalanced, and 4 trillion yuan of treasury bonds were replaced with local debt, relieving pressure on local government debt with good central financial space and supporting local fiscal expenditure and economic growth.

On September 19, the 2026 Tsinghua Wudaokou Chief Economists' Forum was held at Tsinghua University. The theme was “2026 China and World Economy Review and Prospects: Global Rebalancing and International Monetary System Restructuring”. Ju Jiandong, chair professor at the Wudaokou School of Finance at Tsinghua University and director of the International Finance and Economics Research Center, attended and gave a speech. He proposed that issuing 10 trillion yuan of treasury bonds to foreign countries could achieve triple rebalancing. Ju Jiandong explained in detail that first, China's trade surplus of 1.2 trillion US dollars was converted into an increase in net assets. If all US bonds were purchased, US foreign debt would increase accordingly. By issuing 10 trillion yuan denominated treasury bonds using net assets as collateral, China's foreign debt increased by 10 trillion yuan to achieve a rebalance between external assets and liabilities. Second, why should the proceeds from the 10 trillion yuan treasury bonds issued abroad be used? He only saved 2 trillion yuan to raise the per capita pension for urban and rural residents to 1,000 yuan, 2 trillion yuan to replace local government debt, 4 trillion yuan for additional local government investment, and 4 trillion yuan for new investment by the central government. Pension increases drive an increase in consumption and investment, a decline in savings and an increase in investment, thereby increasing domestic demand, reducing foreign exports, increasing imports, and achieving rebalance. Third, the central government and local finance were rebalanced, and 4 trillion yuan of treasury bonds were replaced with local debt, relieving pressure on local government debt with good central financial space and supporting local fiscal expenditure and economic growth.