Has China's Growth Gone from Miracle to Malady?
探讨中国在低金融和制度发展水平下实现高增长的奇迹，分析当前劳动力减少、投资效率下降等挑战，认为虽存在波动风险但不会崩溃。
ABSTRACT: China's remarkable run of persistently high growth in recent decades is all the more stunning in light of the country's low levels of financial and institutional development, state-dominated economy, and nondemocratic government. Notwithstanding the inefficient and risky growth model, the government has maneuvered the economy around various stresses without any major financial or economic crash. With a shrinking labor force and declining efficiency of investment, raising productivity growth is key to maintaining reasonable GDP growth. Unbalanced reforms, a schizophrenic approach to the role of the market versus the state, and strains in financial and property markets could result in significant volatility but a financial or economic collapse is not in the cards.