Chinese policymakers have a stellar reputation for the quality of economic management but the same was true of the Japanese three decades ago. For the Japanese, the difficulty of shifting from their high-savings, high-investment, “catch-up” economic model proved very large. Indeed, this has still not been completed. While the Chinese economy has far more room to grow than Japan a quarter of a century ago, its disequilibria are even bigger. Moreover, contrary to conventional wisdom, the transition to a new pattern of growth has not really begun.
中國政策制定者的經濟管理水準享有盛譽。然而，30年前的日本人也同樣如此。事實證明，擺脫高儲蓄、高投資、「後發追趕式」經濟模式，對日本人來說是非常困難的。事實上，這一過程至今仍未完成。雖然比起四分之一世紀前的日本，中國經濟發展的空間要大得多，但是中國經濟的不均衡性也更大。此外，與通常認爲的相反，向新成長模式的轉型還未真正開始。
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