Fifth, as a result of decades of catch-up growth, China is approaching the technological frontier in many areas and the latecomer’s advantage is diminishing, which means that the marginal productivity of its capital stock is diminishing, too. In short, the changes in China’s microeconomic foundations, together with the weaknesses in its economic structure, imply that the economy must pay a higher cost, in the form of higher inflation, for a given increase in GDP growth.
第五，经过几十年的追赶式增长，中国的许多领域正在向技术前沿靠拢，后发优势也正逐渐丧失，这意味着资本存量的边际生产率也在递减。总之，中国微观经济基础的变化及其经济结构的弱点意味着经济增长必须以高通胀的形式付出更高的代价，才能换取一定幅度的GDP增长。