But the opposite of the excessive-consumption model – excessive reliance on investment to generate aggregate demand – is also a self-limiting growth pattern. When the private and social returns of investment diminish too much, growth cannot be sustained indefinitely, even though rising investment rates can sustain aggregate demand for a while.
但消费过度模型的反面——过度依赖投资形成总需求——同样是一种自我局限型增长模式。随着投资的私人和社会回报一降再降，增长将不可能永久维持下去，尽管不断增加的投资率能够在短期维持总需求。摆脱这一增长模式是中国当前所面临的重大挑战之一。