Nowhere was this more apparent than in China, where double-digit annual output gains long obscured the flaws in a state-led, credit-fueled growth model that favors state-owned enterprises (SOEs) and selected industries, like the real-estate sector, to the detriment of private savers.
在这方面没有哪里比中国体现得更明显，每年两位数的增长长期以来掩盖了政府牵头-信贷刺激增长模式的缺陷，在这一模式下只有国有企业和房地产这类特定行业受益，但却牺牲了私人储蓄者的利益