Public and private investment – which has served as a key driver of China’s growth over the last four decades – can play a central role in expanding domestic demand, but only if returns are high. While low-return investments generate aggregate demand, they do not increase future income or productive potential, and thus do not foster sustainable growth.
公共和私人投资——中国过去四十年中的主要增长驱动力——可以在扩大国内需求方面扮演核心角色，但必须要在高回报的前提下。虽然低回报投资能推高总需求，但却无法提高未来收入或者生产潜力，因此也无法孕育可持续发展。