经过四年“软着陆”，我们以为中国能够进入“低通胀高增长”的新阶段，现在看来这种估计过为乐观。从国内来看，需求不足与结构转型困难，社会矛盾突出与投资信心不足，已经出现萧条迹象。国内总需求包括投资、消费、政府支出和出口，虽然中央项目投资已经开始增长，但是... After four years of “soft landing”, we think that China will be able to enter a new phase of “low inflation and high growth.” This estimate now seems too optimistic. From a domestic perspective, there have been signs of depression in the areas of lack of demand, difficulties in structural transformation, prominent social conflicts and lack of confidence in investment. The total domestic demand includes investment, consumption, government expenditure and exports. Although the investment in central projects has started to increase, ...