中国思考：“小龙”腾飞，通缩拖拽

Group 1: Market Dynamics - The emergence of "Little Dragons" like DeepSeek and Yushutech has renewed confidence in China's supply chain competitiveness and technological innovation[2] - China's supply chain advantages stem from cost reduction and efficiency, but reliance on exports may continue due to domestic economic imbalances[4] - The potential market growth rate may fall below the pace of capacity expansion due to upcoming tariff pressures and long-term multipolar trends[4] Group 2: Economic Challenges - Structural economic imbalances and cyclical deflation pressures cannot be resolved solely through technological innovation[2] - Risks of capital misallocation persist, exacerbated by corporate profit pressures and non-market investments driven by supply-side policies[4] - Evidence of capital misallocation includes weak total factor productivity growth and rising debt ratios[4] Group 3: Policy Recommendations - A five-part policy framework is proposed to address economic challenges: re-inflation, rebalancing, restructuring, reform, and revitalizing private enterprise confidence[8] - Progress in the five-part framework could help overcome supply-side growth bottlenecks and enhance China's supply chain and innovation capabilities[8]