China’s growth has slowed largely as a result of changes in its fundamentals: less favorable demographics, a shift in emphasis from exports and public investment to the service sector and domestic consumption, and lower demand from advanced economies. But China’s past success also contributed to this slowdown, in the form of higher wages, which narrow the scope for rapid growth based on low-cost labor and technological catch-up.
中国经济减速主要是其基本面变化的结果：人口结构不再有利，从强调出口和公共投资转向着重服务业和国内消费，以及发达经济体需求下降。但中国过去的成功也助长了这场减速：工资提高了，这制约了依靠低成本劳动力和技术赶超的高速增长的潜力。