Given absorption constraints, capital efficiency has been falling steadily amid increasing deadweight. If environmental damage caused by breakneck investment growth were taken into account, China’s capital efficiency would be even lower.
根据官方统计数字，中国的投资率已接近GDP的50%。拜吸收约束所赐，资本效率随着资本规模的增加而稳步下降。如果把飞速增长的投资所造成的环境破坏考虑在内，中国的资本效率还会更低。