当前经济的下滑在一定程度上是由增长模式由外需向内需结构性转型所引发的。我们一直认为,自从2008年以来,中国经济增长对外部需求的依赖逐步减少,因此,出口对经济增长的贡献没有之前那样重要。中国相对成本竞争优势逐渐减弱以及近年来外部需求的疲软减弱了出口作为增长引擎的地位。在一定程度上是政策紧缩的周期性结果,此次政策紧缩比前几个周期更为彻底、长久及有效。在过去两年中,由于货币和房产政策紧缩减慢了中国经济的两大流动性引擎,国内需 The current economic downturn is partly due to the structural transformation of the growth pattern from domestic demand to domestic demand. We have always believed that since 2008, the dependence of China’s economic growth on external demand has been gradually reduced. Therefore, the contribution of exports to economic growth has not been as important as before. China’s gradual decline in its relative cost competitiveness and the weak external demand in recent years have weakened the role of exports as a growth engine. To a certain extent, it is a cyclical result of policy tightening, which has been more thorough, long-term and effective than the previous cycles. In the past two years, due to the tightening of monetary and real estate policies that slowed down the two liquidity engines of China’s economy, domestic demand