In order to exploit its latecomer advantage, China must deepen its reforms and eliminate its economy’s residual distortions. Meanwhile, the government should play a proactive role in overcoming the market failures – such as externalities and coordination problems – that are certain to accompany technological innovation and industrial upgrading.
但潜在增长率只是故事的一部分。它是否可以实现取决于国内条件和国际环境。为了利用后发优势，中国必须深化改革，消除经济中残留的扭曲。与此同时，政府应该更主动地克服市场失灵——如外部性和协调问题——这些失灵是伴随技术创新和产业升级而生的不可避免的现象。