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冷清的商场与满载的集装箱：中国经济的双速现实

令投资者失望的中国，可能并非那个正在增长的中国。

    • 作者认为，对于新加坡投资者而言，在配置中国资产时，问题不在于配置多少，而在于配置哪一部分的“中国”。
    • 作者认为，对于新加坡投资者而言，在配置中国资产时，问题不在于配置多少，而在于配置哪一部分的“中国”。 图片来源：REUTERS

    Kenneth TH Goh

    Published Sat, Jan 24, 2026 · 07:00 AM

    本文由 AI 翻译，关键事实请以原文为准。

    查看原文

    深圳的商场比我预想的要冷清。名牌店里店员比顾客还多，唯一人头攒动的地方是美食广场。

    但新闻头条呈现的却是另一番景象。海关数据显示，中国在2025年创下了近1.2万亿美元的贸易顺差纪录。12月份的出口同比增长了6.6%。

    这两种景象可以并存，它们描绘了一个双速运行的经济体。现实情况比新闻头条所暗示的更为复杂。

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