In short, China's 4 trillion plan in 2008 seriously stimulated domestic inflation, so with the excessive issuance of money, the virtual economy grew excessively, while the real economy shrank relatively. However, for the real estate market, the rapid growth of housing prices seriously violates the law of economic growth, overdraws the normal 30-year stable development space, and leads to the gap between urban and rural areas and the inequality between the rich and the poor, so the real estate bubble is inevitable. The prosperity of real estate is an inevitable condition accompanied by high local debt. When the delay of local debt can no longer be sustained, that is, when the real estate bubble is punctured, it will inevitably bring about economic recession, but it is active or passive puncture that tests the wisdom of the central decision-making level. Japan's decline is an example of passive puncture.