The central government has taken the unprecedented step of directly subsidizing individual commercial mortgage interest for the first time—fully rolling out starting today. With a 1% interest subsidy, up to a maximum of 1,000,000 in loan principal, and limited to home prices within a total of 1,500,000, the central government directly shoulders 90%. Why isn’t the central bank continuing to cut interest rates? Because commercial banks’ net interest margins have breached the 1.4% warning threshold, and traditional monetary policy has fallen into the “rope-pulling” effect—so the only way forward is for the fiscal system to penetrate directly and “inject liquidity” into residents’ asset-liability statements.

The traditional fiat-currency world is undergoing a system-wide reconstruction—from currency intermediation to sovereign fiscal direct delivery. In contrast, in the crypto world, smart contracts have already enabled algorithmic liquidity distribution without financial intermediaries. When traditional finance relies on national credit to backstop household cash flow, and Web3 decentralized lending protocols with “code as law” integrate with a sovereign-led credit system—who is the ultimate answer to resisting inflation and the debt-cycle? Feel free to share your thoughts!

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