While this argument suggests that the global trading system must make more room for a rising China (and India), it overlooks the need to address the enormous structural problems in China’s domestic sectors if export-led growth is to become sustainable. For these sectors, rapid investment-driven growth in the past decade has produced a mountain of excess capacity, reflected in stagnant prices and the banking sector’s soaring volume of bad loans, as price wars squeeze profitability and stimulate real-estate speculation.
尽管有人主张全球贸易体系必须为崛起的中国（以及印度）提供更大的空间，但是他们却忽视了，为了维持出口型增长，中国必须解决其国内经济部门中庞大的结构性问题。对于这些部门而言，过去十年中由投资带动的快速增长造成了生产能力大量过剩，由于价格战挤压了利润并刺激了房地产投机，反映出的是通货紧缩压力，银行体系的坏帐急剧上升。