经济“新常态”不宜被过分夸大,受累于投资下滑,经济增速降低也是客观存在的事实。出口不提振,消费增速稳步回落的情况下,投资下滑仍将成为2015年制约中国经济发展的最大风险。投资方面出现的问题还是企业融资成本上升导致的,2013年以来,持续紧缩的货币政策使得钱荒钱贵的问题持续发酵,客观抬高了企业的融资成本。传统企业的毛利率实际上很低,也就10几点左右,而融资成 Economic “new normal ” should not be exaggerated, affected by the decline in investment, economic growth is also an objective fact. With exports not boosting and consumption growth declining steadily, the decline in investment will still be the biggest risk that will restrict China’s economic development in 2015. The problems in investment are still caused by the rising financing costs of enterprises. Since 2013, the continuous tightening of monetary policy has made the problem of money shortage and money expensive, which objectively raised the financing cost of enterprises. The gross profit margin of traditional enterprises is actually very low, about 10 points, and financing into