Few would argue against China’s need for slower but better growth. The problem is that if China wishes to lower the GDP growth rate to 7.5% in 2012, from 9.2% in 2011, without worsening the growth pattern by raising the high investment rate even further, the annual growth rate of investment must be equal to or less than 7.5%.
毫无疑问，中国需要较慢但更好的增长。问题在于，如果中国希望将GDP增长率由2011年的9.2%放缓为2012年的7.5%，同时又不想通过进一步提高投资率来恶化增长方式，那么年投资增长就必须不高于7.5%。