But China’s investment rate is already too high, accounting for almost half of GDP. With capital intensity increasing significantly faster than labor productivity in China, the inefficiency of investment is clear.
有时，高储蓄率可以抵消高资本系数对增长的负面影响。但中国的储蓄率已经过高，几乎占了GDP的一半。由于中国资本密集度增长远高于劳动生产率，投资的低效率显而易见。在这样的情况下，提高投资只能恶化问题。