As China’s economy grows relative to the economies of its trading partners, the efficacy of its export-led growth model must inevitably fade. As a corollary, the returns on massive infrastructure investment, much of which is directed toward supporting export growth, must also fade.
随着中国经济相对其贸易伙伴逐渐放缓，其出口拉动型增长模式的效率免不了会逐渐消失。因此，大规模基础设施投资——其中相当大的部分是为了支持出口增长——回报也必然会消失。