If resource allocation is skewed toward physical capital at the expense of accumulating human capital – for which adequate consumption is indispensable – economic growth would be more likely to slow than rise. So China should reduce the growth rate of investment and increase that of consumption, allowing the investment rate to settle at a more sustainable level.
人力资本和技术进步对经济增长的作用不亚于实体资本和劳动。如果资源配置向实体资本的倾斜以破坏人力资本积累为代价——而后者又是充分消费的不可或缺的条件——经济增长就更有可能放缓而不是加快。因此，中国应该降低投资增长率，提高消费增长率，让投资率在更加可持续的水平上稳定下来。