Liu Qiao, the dean of the Guanghua School of Management at Peking University, stated at the 2025 Financial Annual Conference that fiscal policy needs some innovative policy tools, and it is necessary to break free from fixed thinking and make some bold attempts. "If there were a special fiscal plan to resolve receivables, it might involve triangular debts. If we were to resolve 1 trillion yuan of receivables, it would mean an increase of 1 trillion in the company's cash flow. Receivables are reflected in profit, but that is a fictitious profit because there is no cash flow; in this case, it would imply that the company's real profit might have increased by 1 trillion yuan. We currently have a PE of 16 times; if this logic holds, it would mean our entire Market Cap rises by 16 trillion, and such a single measure could boost the SSE Composite Index by 600 points. Why not?" he said. (Insight)
刘俏：假如有财政专项计划来化解应收款，最后能提高600个点的上证指数
Liu Qiao: If there is a special fiscal plan to resolve receivables, it could eventually raise the SSE Composite Index by 600 points.
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