在需求疲弱现象的背后,存在着大量供给方面的因素,产能过剩、需求不足是表面现象,其背后掩盖着有效供给能力不足、供给方式落后问题2012年以来,投资需求、消费需求和净出口需求的增速持续下滑,其疲弱态势不断拖累经济下行。传统理论认为,当经济下行的主要原因是需求疲弱时,遏制经济下行趋势的主要政策取向就是增加货币供给,从总量上刺激需求。然而,此轮中国经济下行虽然与需求数据疲弱相关,但现实需求 Behind the phenomenon of weak demand, there are a large number of supply-side factors. Overcapacity and lack of demand are superficial phenomena, which are behind the problems of insufficient effective supply capacity and backward supply mode. Since 2012, investment demand, consumer demand and net export demand Growth rate continued to decline, the weak trend continues to drag the economy down. According to the traditional theory, when the main reason for the economic downturn is weak demand, the main policy orientation to curb the economic downturn is to increase the money supply and stimulate the demand in aggregate terms. However, the current round of the Chinese economic downturn, though related to the weak demand data, realistically requires