The government, well aware of the overcapacity problem, focused the country’s stimulus package on investment in infrastructure, rather than new factories. But infrastructure is a long-term investment, revenues from which will be lower without accompanying investment in manufacturing capacity.
第三，中国的金融稳定和财政状况将可能在中期恶化。政府对产能过剩问题有清醒认识，但是依然将经济刺激计划集中在基础设施而不是新的工厂之上。但基础设施是一项长期投资，如果不能和生产力投资相结合的话，基础设施的投资回报将更为低下。正如一条八车道的高速公路必须要有车走才能赚回过路费。