廉价信贷和错误的激励机制（例如提拔对GDP增长贡献最大的官员等）引发大规模的重复投资，进而导致制造业和基础设施行业的产能过剩。
Cheap credit and perverse incentives – such as promotions for officials who contribute most to GDP growth – have led to massive but redundant investment, which, in turn, has contributed to excess capacity in manufacturing and infrastructure.