Markets are having a hard time interpreting China’s economic slowdown and evaluating policy options. At one extreme, some observers are talking about a potential dynastic collapse. But most have turned to the notion that economic growth needs to be more consumption driven since the almost universal view is that China’s growth is unbalanced, with consumption as a share of gross domestic product having declined steadily to below 35 per cent – the lowest level of any major economy – while its investment share rose to above 45 per cent, correspondingly the highest.
當前市場在理解中國經濟成長放緩的影響、評估相關政策選擇方面遇到了困難。一種極端表現是，部分觀察人士開始討論中國經濟崩盤的可能。但絕大多數人已經轉而認爲，中國經濟成長應該更多地依靠消費驅動，因爲中國經濟成長失衡幾乎已成共識——消費在中國國內生產毛額(GDP)中所佔比重已經逐步滑至35%以下，爲主要經濟體中的最低水準，而投資佔中國GDP的比重則升至45%以上，爲主要經濟體中比例最高的。