To be sure, capital accumulation is a driving force of economic growth, and catching up with developed-country income levels implies that China must increase its capital stock in the long run. But what is at issue is not the size of the capital stock, or even the level of investment; the problem is the growth rate of investment, which has been significantly higher than that of GDP for decades.
诚然，资本积累是经济增长的一大动力，而赶超发达国家收入水平要求中国必须在长期增加资本存量。但要紧的不是资本存量的规模，甚至也不是投资水平；要紧的是投资的增长率，几十年来这一数字大大高于GDP增长率。