On one hand, China should not try to eliminate overcapacity by maintaining the high growth rate of real-estate investment. While investment in social housing should be welcomed, real-estate investment, currently running at 10-13% of GDP, is already far too high.
中国经济正在被房地产投资绑架。一方面，中国不应该通过保持房地产投资的高增长率来解决产能过剩。社会住房项目投资值得欢迎，但目前占GDP高达10—13%的房地产投资已经显得太高。另一方面，如果房地产投资增长回落，产能过生就无法消除。这一两难凸显出中国所面临的结构性调整挑战——也应该让投资者保持谨慎。