While China’s investment rate should be brought down to a sustainable level, an equally, if not more, important challenge is to adjust the structure of investment. For many years, the single most important category of investment in China has been real-estate development, which accounts for roughly 10% of GDP and a quarter of total investment.
中国的投资率必须下降到一个可持续水平，与此同时，另一个重要性有过之而无不及的挑战是调整投资结构。多年来，房地产开发在中国的投资中独占鳌头，大约可占到GDP的10%和总投资的25%。但更多的资源应该被配置到建设人力资本、提供公共品和促进创造力和创新的项目中。但是，调整投资结构将不可避免地引起投资增长放缓，至少在过渡期内是如此，因而会拉低总体GDP的增长率。