"According to your logic, different types of assets are like game items, so what are food, energy, and consumer goods?"

Zheng Li was surprised by Li Miaomiao's knowledge of these matters, and he asked.

Although Zheng Li had already noticed Li Miaomiao's business acumen when they were still at Jiangcheng University.

Subsequent events proved this to be true.

After Cheng Gang left, Li Miaomiao did a great job as general manager.

Even with Zheng Li backing him up, it won't be easy for him to hold onto his position.

Li Miaomiao replied, "Haha, these are real water, air, and food. Without these, you simply cannot continue playing the game."

"Material goods are the foundation. Only with the explosive growth of productivity can we see such complex and diverse financial products today."

Zheng Li, in reality, is being spoken by artificial intelligence simulating Zheng Li's speech, "I roughly understand what you mean."

Li Miaomiao replied, "Of course, virtual real estate prices are not guaranteed to rise. They are strongly correlated with cryptocurrencies, the Federal Reserve's monetary policy, and the global economic situation."

But at least it will rise at the beginning, otherwise it won't be able to attract new investors.

In the eyes of a giant like Tencent, those with assets of several hundred million or even hundreds of millions are just韭菜 (a metaphor for easily exploited people), albeit in a slightly less sophisticated form.

We are a partner that we absolutely must win over.

The only thing that can defeat Tencent is a technological leap that delivers a decisive advantage.

For example, if the Huanyu-Pengcheng product had been launched by another company, Tencent would be extremely worried.

Li Miaomiao sighed, "It's a pity that this kind of product is really not compatible with our company."

We don't have a similar corporate culture, and we would never make similar products.

After the results of Tencent's first round of virtual real estate auctions were released, everyone who knew the specific data was envious.

Just two days ago, leaders from Suzhou City came to ask me if we could do it.

Suzhou probably also values ​​this new source of local revenue.

In recent years, local land auctions have been mostly paid for by state-owned enterprises, central enterprises, and urban investment companies, putting a strain on local finances.

Suzhou is a city with a fairly good financial situation.

Looking at Jiangsu Province's fiscal data from 2019, its financial situation is exceptionally good compared to other cities.

Suzhou's broad debt ratio was only 92.5% in 2019, which sounds like a lot.

The broad debt ratio refers to the sum of local government debt and urban investment bonds divided by total financial resources.

Comprehensive financial resources can be understood as the revenue of local governments, which mainly consists of three parts: taxes, revenue of local government-owned enterprises, and land transfer fees.

The worst-performing local government in Jiangsu Province is Zhenjiang, with a broad debt ratio of 312.5%.

Even without interest, their debt would require three years' worth of all government revenue to repay.

Given the ever-increasing scale of local government debt, it seems almost impossible to see a solution to such a high level of debt.

Nanjing's broad debt ratio is also as high as 170.8%.

Jiangsu Province is a long-established economic powerhouse in China, yet its local debt is already so enormous; one can only imagine how much more so other provinces are burdened with it.

(Guizhou Province is specifically mentioned, as its debt ratio is nearing its limit, with over fifty non-standard defaults, most of which are due to the inability to repay debts when they mature.)

As for the final fate of local government debt, I won't go into details here.

Suzhou is home to the headquarters of Kechuang Biotechnology, and the upstream and downstream industrial chain built around Kechuang Biotechnology's main products has a scale of over one trillion yuan.

It can be said to be the city with the strongest economic vitality in the entire Jiangsu Province. The strongest economic vitality means that land finance and taxation are very good.

Even so, Suzhou has its eye on the revenue from virtual land, let alone other cities.

This led to a series of chaotic events.

First- and second-tier cities reacted quickly, each seeking partners.

Next are tourist cities with scenic spots and historical sites; we'll find partners to develop virtual cities.

Later, even third- and fourth-tier cities with little distinctive features started to follow suit.

In the end, it all turned into a complete mess.

Some companies spend a lot of money to create virtual cities, only to find that users simply don't buy into it.

Huanyu-Pengcheng has a first-mover advantage. Their app is only used by local governments to assign tasks and by those who are paid by the government. No other users are using it.

As a result, some internet companies that signed cooperation agreements but chose to abandon entering the virtual city track after seeing this phenomenon were forced to develop by the local governments where they were cooperating.

There are also tasks assigned to subordinates, such as promoting virtual real estate.

Chaos abounds.

In China, only Tencent and Alibaba have truly thrived in the virtual city and virtual real estate sectors.

Tencent's Shenzhen and Ali's Hangzhou are considered to be among the better ones.

Bilibili is developing a two-dimensional version of Shanghai, aiming to transform it into a true "Magic City." However, this product has only been seen in CG animation and has not yet been fully developed.

This caused interested users to lose all their patience.

As for Yanjing, there are too many sensitive buildings and places, making it impossible to obtain authorization.

"China's lunar base project is progressing smoothly this time, and we will be more deeply involved in the next project."

Using brain-computer interface technology to create space operation robots.

Dr. Deng, who is in charge of brain-computer interface application research and development in Jiangcheng, has already led his team there.

China's lunar base construction plan has actually encountered a minor setback.

The minor setback did not affect the final outcome and therefore was not reflected in official reports.

The successful construction of China's lunar base marks China as the first country to establish a permanent base on another planet.

This achievement fills the vast majority of people in China with pride and joy; it can only be described as a nationwide celebration.

My dear reader, there's more to this chapter! Please click the next page to continue reading—even more exciting content awaits!