具体而言，中国需要改革微观制度，以促进由市场主导的创造性调整过程，比如通过破产程序制度化帮助处理鬼城和失败的房地产项目，从而最大限度地减少对宏观经济的破坏。
Specifically, China’s leaders must reform micro-institutions to facilitate the market-driven process of creative destruction, such as through institutionalized bankruptcy processes that help to eliminate ghost cities and failed real-estate projects, thereby minimizing the associated macroeconomic disruption.