Expanding the service sector, where productivity is low, will hold back aggregate output. And if growth decelerates further – the annual rate has already dropped from 10% to 7.5% – social unrest may increase.
但中国官员担心从投资到消费以及从制造到服务的转型意味着增长减速。投资减少将意味着更少的资本深化。扩张生产率尚低的服务部门会拖累总产出。而如果增长进一步减速——年增长率已从10%降至7.5%——社会动荡可能还会加剧。