The story of China’s investment addiction is well known. China invests more in factories, smelters, roads, airports, shopping malls and vast housing complexes than any modern nation has done in history. At its peak, after the stimulus that followed the 2008 global financial crisis, gross capital investment hit a vertigo-inducing 49 per cent of output. Worse, every time growth sags, as it did at the start of this year, central planners reach for the cement-mixers, pushing investment up again.
中國癡迷于投資這件事已為人所熟知。該國在工廠、熔爐、道路、機場、購物中心以及大型住宅區方面的投資規模，超過任何一個現代化國家在其發展過程中在這些方面的投資規模。中國的投資規模達到頂峰時——即該國為應對2008年全球金融危機而出臺了刺激計劃之后——資本投資總額在經濟產出中所占的比重達到了令人眩暈的49%。更糟糕的是，每當中國經濟增長乏力之時，例如今年年初，該國的政策制定者就會把目光轉向水泥攪拌機，再次推高投資規模。
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