In 2005, China was experiencing currency appreciation, which, as other fast-growing economies in East Asia have demonstrated, can stimulate the government and businesses to pursue structural reforms and industrial upgrading. But the subsequent increase in official fixed-asset investment – which rose by 32% in 2009 alone – delayed structural reforms, while over-capacity and a real-estate bubble became even larger and more deeply entrenched problems.
2005年曾经出现人民币升值势头，东亚其他快速增长经济体的经验表明，货币升值可以刺激政府和企业推行结构改革和产业升级。但官方固定资产投资随后的大幅增加（仅2009年一年增幅就达到32%）延缓了结构改革的步伐，导致更为严重的产能过剩和房地产泡沫问题。