The writer is a senior fellow at Carnegie China
While Chinese policymakers debate over whether or not debt levels will limit their country’s ability to maintain many more years of high, investment-driven economic growth, it’s not just internal constraints that matter. External ones will count just as much, even if they are less discussed both inside and outside China and less well understood.
Some simple arithmetic is useful here. Investment accounts for roughly 24 per cent of global gross domestic product, and consumption the remaining 76 per cent. Even in the highest investing economies, the actual investment share of GDP rarely exceeds 32-34 per cent, except for short periods of time.
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