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纵观中国经济的长周期历史,围绕土地财政和地方政府的投资扩张,中国始终面临两大问题:周期性的债务修复和产能消化。如果将中国视为一个企业,GDP作为一系列经济活动的指标反应,是一连串事件的叠加,是该企业在它的资产负债表上配置土地、劳动力和技术的最终结果,土地资产价格则是捕捉GDP周期起伏的重要指标,土地周期与宏观周期的勾稽关系
Looking at the long cycle of history in China’s economy, China has always faced two major problems: periodic debt recovery and capacity digestion around the expansion of land finance and investment by local governments. If China is viewed as an enterprise, GDP, as a measure of a series of economic activities, is a series of events superimposed on the final result of the firm’s allocation of land, labor and technology on its balance sheet, while the price of land assets is captured GDP cycle ups and downs of an important indicator of the land cycle and the macro cycle of the hook between the relationship