particularly evident in China’s

This disconnect between theory and practice is particularly evident in China’s economic transformation. In 2024, fixed asset investment across the whole society grew by 3.2%, retail consumption grew by 3.5%, and the goods trade surplus hit a new high of USD 767.9 billion. According to the traditional “three pillars (investments, consumptions, exports)” model, this should have resulted in a strong recovery. However, the subjective experience of micro-level entities sharply contrasts with the macro data. The manufacturing PMI has been below the threshold for five consecutive months, youth unemployment remains high, and the capital market’s risk appetite continues to stay low. This paradox suggests that latent variables, not captured by traditional models, are reshaping the economic system. สล็อต