In this sense, China’s government is facing an important test. If it fails to take advantage of the opportunity provided by the cost shock and economic slowdown to implement the necessary structural reforms, China’s potential growth rate, as dictated by TFP, will never rebound fully.
问题在于许多国别因素——比如政治顾虑和来自既得利益的压力——可能阻碍这一过程。从这个角度讲，中国政府正面临着重要考验。如果政府不能利用成本冲击和经济减速带来的机会实施必要的结构性改革，中国的潜在增长率将如TFP所显示的那样永远无法完全恢复。