针对中国经济的最大悲观论关注两大问题，即去杠杆和与之相关的房地产市场紧缩 — — 本质上，就是日本式停滞。
The latest bout of pessimism over the Chinese economy has focused on the twin headwinds of deleveraging and a related tightening of the property market – in essence, a Japanese-like stagnation.