China is falling back to earth, seemingly without a thud. The past decade was about breakneck growth. This one will be about sustainable growth – which recent economic data suggest it might be able to achieve without crashing first. That means a shift away from wasteful infrastructure investment towards consumption, while stamping out corruption and looking after the environment along the way. That is the aim, at least. But how should investors play this shift?
中國經濟增速正逐步放緩，但與此同時似乎并未出現“硬著陸”。過去十年快速增長是中國經濟的主旋律，而當前十年的主題則是可持續增長——近期經濟數據顯示，中國確有可能在不出現硬著陸的情況下實現這一點。這意味著中國將不再依賴效率低下的基礎設施建設投資，轉而將國內消費作為經濟增長引擎；與此同時中國政府還將大力打擊腐敗，保護生態環境。或者至少中國將朝著這些方向努力。但投資者應如何應對中國的這種轉型呢？
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