类似地，20世纪90年代，中国通过实施刺激更有活力的部门的制度改革解决了坏账累积和烂尾楼工程问题（分别由国有企业长期亏损和房地产投资过度导致 ） ， 从而抵消了国有企业资本回报率的下降。
Similarly, in the 1990s, China addressed the buildup of bad debt and unfinished construction projects – the result of state-owned enterprises’ chronic loss-making and excessive property investment, respectively – by implementing institutional reforms that stimulated growth in more dynamic sectors, thereby offsetting the SOEs’ declining return on capital.