在宏观层面，由于人口迅速老龄化，高债务水平，债务到期日错配以及美国发动的贸易战升级，中国的增长可能会持续减速。
On the macro level, China’s growth is likely to continue to decelerate, owing to rapid population aging, high debt levels, maturity mismatches, and the escalating trade war that the US has initiated.