China’s focus on industrial production is problematic in another respect: it is extremely capital-intensive, owing largely to the distortions wrought by government policies. Beyond keeping interest rates below market levels, the government offered the automobile, machinery, and steel industries, among others, preferential access to cheap credit, favorable tax treatment, and public investment support.
中国把重点放在工业生产带来了另一个问题：这是一个高度资本密集型部门，而原因主要是政府政策造成的扭曲。除了维持利率低于市场水平之外，政府还为汽车、机械以及钢铁等几个行业提供优先廉价信贷渠道，优惠税收待遇和公共投资支持。这些政策促使企业采用资本密集型技术，进一步淡化了劳动力的自然比较优势。