But in 2003, following five years of deflation, China’s economy entered a new phase. Overcapacity vanished, constraints on consumption were lifted, and a dramatic increase in household demand followed.
但是在2003年，随着五年通货紧缩的结束，中国经济步入了一个新的阶段。生产能力的过剩消失了，对消费的限制被取消了，同时对住房的需要出现了急剧上升。