一方面，需求侧动力不足，全球需求疲弱、消费与投资复苏乏力。报告指出，许多经济体国内支出低 迷，家庭购买力承压，尤其是高利率正在压制经济活动与国内需求，成为导致需求走弱、增长疲软的重 要原因，需求受到压制进一步导致全球制造业疲软且全球贸易动能不足。需求无法自发恢复，是增长缺 乏内生动力的首要原因。 另一方面，投资动力不足，主要体现为私人投资与固定资本形成偏弱。固定投资的疲软以及私人部门投 资的低迷，导致企业受高融资成本、盈利前景不确定性影响，没有恢复扩张意愿，普遍推迟资本支出。 经济体缺少推动下一轮增长的投资来源，长期增长潜力被侵蚀。 日前，联合国贸易和发展会议(贸发会议)发布《2025年度贸易与发展报告》指出，2024年至2025年，全 球经济处于"脆弱韧性"状态，具体表现为表面稳定，但结构疲弱且风险积聚，看似未出现全面衰退，但 恢复力量弱、质量差、易被外部冲击影响。预计2025年全球经济增速将放缓至2.6%，低于2024年的 2.9%。 报告指出，尽管数据并未显示深度衰退，但在全球需求不振、私人投资疲弱、制造业周期低迷、发达经 济体低增长向全球传导等因素的共同作用下，全球增长正从疲弱转为更低的下滑轨道。 此 ...

Group 1 - The total U.S. national debt has reached $36 trillion, nearly 1.5 times the GDP, with annual interest payments amounting to $1.1 trillion [2] - The largest creditors of U.S. debt are domestic individuals and institutions, holding 76% of the total debt, indicating a high level of "internal circulation" [3] - Major domestic holders include individual and household investors ($2.1 trillion), the Federal Reserve ($4.2 trillion), commercial banks ($3.8 trillion), and pension funds [3] Group 2 - International creditors hold about 24% of U.S. debt, primarily from Japan, China, and the UK, with Japan being the largest external creditor at approximately $1.07 trillion [4] - China has reduced its holdings by over $500 billion in the past decade, currently holding about $760.8 billion, making it the second-largest external creditor [4] - Other notable external creditors include the Cayman Islands ($397 billion), Saudi Arabia ($135.6 billion), and various European countries [5] Group 3 - The ongoing increase in U.S. debt and fiscal deficit has raised questions about the creditworthiness and safety of U.S. debt, influenced by geopolitical factors [5] - Major external creditors like Japan, China, and the UK have been reducing their holdings, while neighboring countries like Canada and Mexico are increasing their investments in U.S. debt [5]