中国经济近年来的增长轨迹,呈现出一系列重要现象。首先,在广东、浙江、上海、江苏、山东、北京等人均收入达到或超过1.1万国际元的地区,投资、工业增加值和GDP等指标的增速已低于全国平均水平。其次,基础设施建设和房地产投资增速明显回落,回到以往高速增长轨道的可能性甚微。第三,地方融资平台和房地产领域的投资风险加大,资产回报率降低。此外,这一轮增长回落并未 The growth trajectory of China’s economy in recent years has shown a series of important phenomena. First, in areas such as Guangdong, Zhejiang, Shanghai, Jiangsu, Shandong and Beijing, where the per capita income reaches or exceeds 11,000 international dollars, the growth rate of investment, industrial added value and GDP has been below the national average. Second, the growth rate of infrastructure construction and real estate investment dropped significantly, and the possibility of returning to the previous high-speed growth track is very small. Third, the risks of investment in local financing platforms and real estate fields have increased, and the return on assets has dropped. In addition, this round of growth did not fall