在经历了几十年的高增长和成功政策实验后，周期性超调 — — 体现在过剩产能、鬼城和地方债务积压等现象上 — — 已见怪不怪。
After decades of high-speed growth and policy experimentation, cyclical overshoots – reflected in excess capacity, ghost towns, and local-debt overhangs – are no surprise.