直到最近,中国的发展模式与亚洲其他新兴经济体并无二致。这种模式是以廉价资本为基础,这些廉价资本来自消费者,他们为解决自己的养老和其他社会保障问题不得不大量储蓄,这些储蓄被国家用于提供低成本的信贷和资本支出。正是通过这种方式,亚洲新兴经济体得以在出口制造业领域大量投资,并获得超出其他领域的增长。 Until recently, China's development model was not different from other emerging economies in Asia. The model is based on cheap capital, which comes from consumers, who have to save heavily to address their own old-age and other social security issues that the state is using to provide low-cost credit and capital expenditures. It is in this way that emerging Asian economies have been able to invest heavily in export manufacturing and outpace growth in other sectors.