经济展望：关于宏微观脱节的若干思考-Charting the New Economy_ Some Reflections on Macro-Micro Disconnect

Citi Research China Economics December 12, 2025 Charting the New Economy Some Reflections on Macro-Micro Disconnect Xiangrong Yu, PhD AC Managing Director Head of Greater China Economics xiangrong.yu@citi.com +852 2501-2574 Xinyu Ji AC Vice President China Economist xinyu.ji@citi.com +852 2501-2792 See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with ...