Not long ago, the four living Chairs of the Federal Reserve who have led Federal Reserve for the past 37 years spoke publicly together on issues including the U.S. economy, world economy, monetary policy and RMB.

In discussing the cause of the crisis, the discussion was centered on the weak productivity across the globe.

We are of the view that the Chairs are on the right direction but they have failed to make in-depth analysis on the cause of weak productivity.

Chan Kung, ANBOUND's chief researcher has long emphasized that against the backdrop of urbanization, the global capital surplus is accountable for the near-standstill in productivity growth across the world.

(Urbanization Turns the World Upside-Down, authored by Chan Kung in September, 2015)