Hong Hao: Making money is only the superficial meaning of a bull market, the key is to awaken people's missing "animal spirit"

Renowned economist Hong Hao recently stated that the rise in stock prices bringing profits to investors may only be the surface meaning of a bull market. "A huge bull market will change people's expectations for the future, which is the most important thing. A big bull market will awaken people's 'animal spirits' and make everyone more proactive in exploring the future," he said. He further added that the lack of 'animal spirits' in the market means that no one is willing to take risks. "This is very dangerous because all scientific inventions are based on people's willingness to take risks. If no one is willing to take risks, society will not progress." He believes that in the age of artificial intelligence development, people need more of the "animal spirit." Therefore, he thinks that rather than making money, the more important significance of a bull market is to drive the entire economy and technology to a higher level. "To give an example, we have already gone from 0 to 1, and now we need to make a leap from 1 to 10."