Is It Capitalism?
探讨中国近年经济增长是否由充满活力的资本主义驱动，还是已成为以高固定投资为支撑的GDP增长本身，指出2009年固定投资占GDP超60%，认为制度化的GDP增长而非资本主义解释了中国的快速发展。
I introduce the three articles in the MOR Editor's Forum on Chinese Capitalism. I then ask whether China's recent economic growth has been driven by a vibrant capitalism or instead has become an end in itself, supported by government policies promoting high rates of fixed asset investment. There are two key observations. First, gross domestic product (GDP), measured and reported at four levels of government, has much greater salience than corporate profits, often undisclosed. Second, fixed asset investment accounted for more than 60 percent of China's 2009 GDP and nearly two-thirds of 2008-2009 GDP growth, levels unprecedented for a major economy. Rather than capitalism, I argue that institutionalized GDP growth today accounts for China's rapid economic development.