Over the past decade, real-estate investment in China has been the single most important contributor to fixed-asset investment growth and therefore, to the economy. Indeed, since the late 1990’s, the real estate investment-to-GDP ratio has been far higher than it was in countries like Japan and Korea during their high-growth periods.
在过去十年中，房地产投资是中国固定资产投资中最大的一块，也是经济增长最主要的推动力。事实上，自20世纪90年代末以来，房地产投资-GDP比率已经远远高出日本和韩国等国家高速增长期的水平了。