当前中国经济正在实现再平衡,消费占GDP的比重不断提高,投资的比重持续下降。最近几十年,中国是驱动全球经济增长的重要力量,其GDP增速放缓以及GDP构成的变化会给周边国家尤其是其贸易伙伴带来显著的溢出效应。本文主要研究中国经济放缓与再平衡对东盟五国的溢出效应。东盟五国包括印度尼西亚、马来西亚、菲律宾、泰国和新加坡,是与中国邻近并且相对比较开放的经 At present, China’s economy is rebalancing. The share of consumption in GDP continues to increase while the proportion of investment continues to drop. In recent decades, China has been an important force driving global economic growth. The slowdown in its GDP growth and changes in its GDP will bring significant spillover effects to neighboring countries, especially its trading partners. This article mainly studies the spillover effect of China’s economic slowdown and rebalancing on the five ASEAN countries. The five ASEAN countries include Indonesia, Malaysia, the Philippines, Thailand and Singapore, which are relatively close and relatively open to China