超级军网中国不会崩溃-美金融分析师从金融专业视角客观评价中国
来源：百度文库 编辑：超级军网 时间：2024/04/29 08:22:04
本文是对冲基金Kase Capital的创始人Whitney Tilson来中国旅行后，以自己的所见所感和亲身经历，从金融视角出发，对中国做出的客观评价和认识。共6部分正文和4部分评论！本文是对冲基金Kase Capital的创始人Whitney Tilson来中国旅行后，以自己的所见所感和亲身经历，从金融视角出发，对中国做出的客观评价和认识。共6部分正文和4部分评论！
第一部分
原文标题：以我的中国之旅为视角(金融分析)
Observations From My Trip To China
原文转载自：saiyaa.com
I got back on Friday afternoon from a fascinating 10-day trip to China – the first time I’ve been to mainland China in 21 years. I spent the first half of my trip in Shanghai, China’s most populous, modern, wealthy, capitalistic city, and the second half in Tengchong, in remote, rural, south-central China, bordering Burma。
星期五下午，我结束了令人着迷的为期十天的中国之旅-这是我21年来第一次去中国内陆。我的上半程行程是在中国人口最多、最现代化、最富有和最有资本主义特征的城市上海度过的，下半部分行程是在腾冲，是一个偏远的农村，位于中国中南部，毗陵缅甸。
I want to share a few observations about China – with the caveat that I am very emphatically not holding myself out as an expert on the country. I’m just endlessly fascinated by China on many levels, most importantly as an investor. Though I’m primarily U.S. focused, China has become such a large and rapidly growing part of the world economy that I can’t ignore it – if China sneezes, the world (and my portfolio) will catch a cold.
我想分享一些关于中国的东西-但是要说明的是，我绝对没有把自己当成一个中国专家。作为一个投资者，我只是无休止的对中国的方方面面感兴趣。尽管我仍然将重心放在美国，但是中国作为一个如此巨大和增长速度如此快速的经济体，我不可能忽略掉它的—形象的来说，中国如果打个喷嚏，全世界(包括我的投资计划)都会感冒的。
So is China about to catch a cold? That’s an important and vexingly difficult question. Jim Chanos is perhaps the best-known China bear and he makes a cogent argument (see here and here) that China is experiencing the mother of all infrastructure, real estate and financial bubbles – “Dubai times 1,000” – that is on the verge of bursting.
那么，中国是要感冒了吗？这个问题很重要，也很复杂。吉姆·查诺斯也许是最著名的中国专家，他提出了一个观点，或许让你很赞同—中国正在经历一个比“迪拜大1000倍”的包括基础设施、房地产以及金融方面的巨大泡沫—并且已经处于破裂的边缘了。那么就是说，中国经济要感冒了吗？
And it’s not just Chanos. Just about every day, I read another story about fraudulent businesses, corrupt officials at all levels, crudely authoritarian and thuggish behavior by the government (censorship, jailing truth-tellers, etc.), rich people leaving (or at least stashing a lot of money outside the country), ghastly pollution, tainted products, out-of-control real estate prices, banks lying about their loan losses, untold amounts of lending that’s not reflected in official statistics – the list goes on and on...
而且不只是查诺斯。几乎在每一天，我读到的每一个新闻、简报都是关于企业的欺诈、各级腐败的官员、政府专制和残暴的暴行(严格的审查措施，因言获罪等等)，富人阶级的离开(或者就是在国外拥有大量存款)，可怕的环境污染，产品污染、失控的房地产价格、银行隐瞒他们的贷款损失、大量不被官方统计的不良贷款等等—这样的例子不胜枚举·······
So one of the main reasons for my trip was to see the country for myself and meet with as many smart people as I could so I could form my own judgment.
所以，去中国旅行，有一个非常重要的原因就是想亲自看看这个国家，并且尽可能的与他们的精英阶层交流，这样我就可以形成自己的观点和判断。
The skeptics are no doubt correct about many things – for example, there’s no question that there’s widespread corruption and terrible pollution. And I think Chanos is right when he emailed me, after reading this article: “Over the long-term I believe China will continue to grow, and modernize. The problem is that non-Chinese investors, as always, will not benefit from it, in aggregate. The rent-seeking behavior by the elites/Party, coupled with no real “rule of law”, equals trouble for passive Western investors.”
”持怀疑论调的人说的许多事情确实是存在的—例如较严重的腐败和严重的环境污染。查诺斯在看完我这篇文章后给我发了邮件：“长期来看，我认为中国将会继续保持经济增长和现代化发展进程。但主要的问题是，总体来看，非中国籍的投资者，会和往常一样，并不会从中获得收益。因为精英阶层和政党的权力寻租行为，再加上没有真正意义上的‘法治管理’，这会让西方投资者陷入被动。”对此，我认为查诺斯是正确的。
But is China a house of cards that will soon collapse? I’m not so sure. After my trip, I’m a bit more likely to think that China, for all of its problems, might avoid a huge calamity.
但是中国的纸牌屋，很快就会垮掉吗？对此我并不确定。但是我结束我的旅程之后，我更倾向于认为中国的所有这些问题避免了一场巨大的灾难。
更多译文，请访问saiyaa.com
Things are Getting Better
事情正在好转
I asked everyone I met a simple question: are things getting better? Every person, even those most critical of the country and/or its government, said yes (though with different degrees of conviction). The businesspeople said the government’s crackdown on corruption is having an impact (at least at the margins), there’s been some progress (from a very low base) in protecting intellectual property, and the government is very serious about tackling the terrible pollution. The teachers and other educators I met with said the educational system is steadily getting better. The rural peasants told me that their lives are steadily getting better as well. China has a long way to go, but I got the strong sense that it’s moving in the right direction in many key areas. One person I spoke with said it best when he said he’s “hopeful but cautious.”我对遇见的所有人都问了一个简单的问题：现状是否有所改善？所有的人，包括大多数对于国家和政府持批评态度的人，他们的答案都是yes(经管他们的观点不尽相同)。商人们表示，政府对腐败的打击是有积极影响的(至少在盈利上来说)，并且在知识产权的保护和严重的环境污染方面是有进步的和改善的(一个较低的水平开始的)。我遇到的教师和教育工作者则表示，教育体系正在逐步改善。农村的村民也告诉我，他们的生活正在逐步的改善。中国虽然还有很长的路要走，但是从我得到的信息来看，在许多关键领域，中国迈进的大方向无疑是正确的。有个人对我说，我认为他说的很好：“我们充满希望但是却保持谨慎。”
原文标题：以我的中国之旅为视角(金融分析)
Observations From My Trip To China
原文转载自：saiyaa.com
I got back on Friday afternoon from a fascinating 10-day trip to China – the first time I’ve been to mainland China in 21 years. I spent the first half of my trip in Shanghai, China’s most populous, modern, wealthy, capitalistic city, and the second half in Tengchong, in remote, rural, south-central China, bordering Burma。
星期五下午，我结束了令人着迷的为期十天的中国之旅-这是我21年来第一次去中国内陆。我的上半程行程是在中国人口最多、最现代化、最富有和最有资本主义特征的城市上海度过的，下半部分行程是在腾冲，是一个偏远的农村，位于中国中南部，毗陵缅甸。
I want to share a few observations about China – with the caveat that I am very emphatically not holding myself out as an expert on the country. I’m just endlessly fascinated by China on many levels, most importantly as an investor. Though I’m primarily U.S. focused, China has become such a large and rapidly growing part of the world economy that I can’t ignore it – if China sneezes, the world (and my portfolio) will catch a cold.
我想分享一些关于中国的东西-但是要说明的是，我绝对没有把自己当成一个中国专家。作为一个投资者，我只是无休止的对中国的方方面面感兴趣。尽管我仍然将重心放在美国，但是中国作为一个如此巨大和增长速度如此快速的经济体，我不可能忽略掉它的—形象的来说，中国如果打个喷嚏，全世界(包括我的投资计划)都会感冒的。
So is China about to catch a cold? That’s an important and vexingly difficult question. Jim Chanos is perhaps the best-known China bear and he makes a cogent argument (see here and here) that China is experiencing the mother of all infrastructure, real estate and financial bubbles – “Dubai times 1,000” – that is on the verge of bursting.
那么，中国是要感冒了吗？这个问题很重要，也很复杂。吉姆·查诺斯也许是最著名的中国专家，他提出了一个观点，或许让你很赞同—中国正在经历一个比“迪拜大1000倍”的包括基础设施、房地产以及金融方面的巨大泡沫—并且已经处于破裂的边缘了。那么就是说，中国经济要感冒了吗？
And it’s not just Chanos. Just about every day, I read another story about fraudulent businesses, corrupt officials at all levels, crudely authoritarian and thuggish behavior by the government (censorship, jailing truth-tellers, etc.), rich people leaving (or at least stashing a lot of money outside the country), ghastly pollution, tainted products, out-of-control real estate prices, banks lying about their loan losses, untold amounts of lending that’s not reflected in official statistics – the list goes on and on...
而且不只是查诺斯。几乎在每一天，我读到的每一个新闻、简报都是关于企业的欺诈、各级腐败的官员、政府专制和残暴的暴行(严格的审查措施，因言获罪等等)，富人阶级的离开(或者就是在国外拥有大量存款)，可怕的环境污染，产品污染、失控的房地产价格、银行隐瞒他们的贷款损失、大量不被官方统计的不良贷款等等—这样的例子不胜枚举·······
So one of the main reasons for my trip was to see the country for myself and meet with as many smart people as I could so I could form my own judgment.
所以，去中国旅行，有一个非常重要的原因就是想亲自看看这个国家，并且尽可能的与他们的精英阶层交流，这样我就可以形成自己的观点和判断。
The skeptics are no doubt correct about many things – for example, there’s no question that there’s widespread corruption and terrible pollution. And I think Chanos is right when he emailed me, after reading this article: “Over the long-term I believe China will continue to grow, and modernize. The problem is that non-Chinese investors, as always, will not benefit from it, in aggregate. The rent-seeking behavior by the elites/Party, coupled with no real “rule of law”, equals trouble for passive Western investors.”
”持怀疑论调的人说的许多事情确实是存在的—例如较严重的腐败和严重的环境污染。查诺斯在看完我这篇文章后给我发了邮件：“长期来看，我认为中国将会继续保持经济增长和现代化发展进程。但主要的问题是，总体来看，非中国籍的投资者，会和往常一样，并不会从中获得收益。因为精英阶层和政党的权力寻租行为，再加上没有真正意义上的‘法治管理’，这会让西方投资者陷入被动。”对此，我认为查诺斯是正确的。
But is China a house of cards that will soon collapse? I’m not so sure. After my trip, I’m a bit more likely to think that China, for all of its problems, might avoid a huge calamity.
但是中国的纸牌屋，很快就会垮掉吗？对此我并不确定。但是我结束我的旅程之后，我更倾向于认为中国的所有这些问题避免了一场巨大的灾难。
更多译文，请访问saiyaa.com
Things are Getting Better
事情正在好转
I asked everyone I met a simple question: are things getting better? Every person, even those most critical of the country and/or its government, said yes (though with different degrees of conviction). The businesspeople said the government’s crackdown on corruption is having an impact (at least at the margins), there’s been some progress (from a very low base) in protecting intellectual property, and the government is very serious about tackling the terrible pollution. The teachers and other educators I met with said the educational system is steadily getting better. The rural peasants told me that their lives are steadily getting better as well. China has a long way to go, but I got the strong sense that it’s moving in the right direction in many key areas. One person I spoke with said it best when he said he’s “hopeful but cautious.”我对遇见的所有人都问了一个简单的问题：现状是否有所改善？所有的人，包括大多数对于国家和政府持批评态度的人，他们的答案都是yes(经管他们的观点不尽相同)。商人们表示，政府对腐败的打击是有积极影响的(至少在盈利上来说)，并且在知识产权的保护和严重的环境污染方面是有进步的和改善的(一个较低的水平开始的)。我遇到的教师和教育工作者则表示，教育体系正在逐步改善。农村的村民也告诉我，他们的生活正在逐步的改善。中国虽然还有很长的路要走，但是从我得到的信息来看，在许多关键领域，中国迈进的大方向无疑是正确的。有个人对我说，我认为他说的很好：“我们充满希望但是却保持谨慎。”
(2)美金融分析师从金融专业视角客观评价中国
原文标题：以我的中国之旅为视角(金融分析)
Observations From My Trip To China
更多译文，请访问赛亚网saiyaa.com
Infrastructure
基础设施
China leads the world in infrastructure spending, and I saw evidence of this everywhere I turned – cranes, scaffolding, rock quarries, lumber yards, etc. I’ve never seen anything like it.
中国基础设施支出居世界之首,无论我身处何地，我所看到的所有东西都能证明这一点——起重机、脚手架、采石场,木材场等等。我从来没有见过这样情形。
Is this a huge waste and bubble – a Google search for “China infrastructure bubble” yield 4.3 million hits – or a wise investment in the future? I’m not sure. I’ve certainly seen the reports of white elephant projects – even entire ghost cities (though they may not actually be, as this article notes) – and I saw an empty housing development outside of Tengchong that could have been transplanted directly from the outskirts of Las Vegas circa 2009.
在Google上搜索“中国基础设施泡沫”点击量高达430万，这是巨大的浪费和经济泡沫，这那么样的投资还是明智的吗?我不确定。我见过白象项目的报告——甚至整个鬼城(尽管他们可能不是,正如这篇文章所指出的),我看到腾冲郊区的城镇建设，那几乎能直接将2009年的拉斯维加斯的郊区搬过去。
But China’s infrastructure was very impressive. Every road was paved and in good condition, even far outside of Tengchong. The four airports I flew into and out of were modern and beautiful – even the small one in Tengchong. One of the Teach for China teachers told me that one of the newest buildings in every town in China is the school – and, sure enough, though the school I visited was in old, wooden buildings, right down the road a large new building was almost complete for the school to move into next year. Lastly, remember all the stories about China’s high-speed rail network, which was characterized by corrupt contracting, shoddy construction, and numerous accidents? Well, read this story in the NY Times last month, Speedy Trains Transform China. Here’s an excerpt:
但是中国的基础设施真的真的令人印象深刻。哪怕是远离腾冲的地方，每一条道路都在翻新并且保持着很好的路况。我所见过的4个机场都是那么的漂亮和现代化—哪怕是腾冲的那个。一个中国老师告诉我，在中国的小镇里，每一个正在动工的建筑工程，都是学校。—尽管我现处的学校是一个老旧的木质建筑，但是沿着公路看去，你会看到一个即将完工的巨大建筑，那就是明年他们要搬进去的新校址。最后，看看这些情况，莫非这也是腐败工程、豆腐渣工程以及数量众多的事故的代表？恩，上个月曾经在《纽约时报》中看到了一篇文章，题名是：高速铁路改变中国。这里是摘录：
"The cavernous rail station here for China’s new high-speed trains was nearly deserted when it opened less than four years ago.
巨穴般的高铁站，从荒废的土地到启用只用了不到4年的时间。
Practically every train is sold out, although they leave for cities all over the country every several minutes. Long lines snake back from ticket
indows under the 50-foot ceiling of white, gently undulating steel that floats cloudlike over the departure hall. An ambitious construction program will soon nearl y double the size of the 16-platform station.
经管这些到全国各地城市的高铁车次密度只有几分钟，但是，依旧是销售一空。云白色的天花板下是微微起伏的钢架，长蛇一般的队伍从售票窗口连绵不绝。一个32站台的高铁站建设工程，正在雄心勃勃的开展着。
Just five years after China’s high-speed rail system opened, it is carrying nearly twice as many passengers each month as the country’s domestic airline industry. With traffic growing 28 percent a ye ar for the last several years, China’s high-speed rail network will handle more passengers by early next year than the 54 million people a month who board domestic flights in the United States.
仅仅用了5年的时间，中国启动了它的高速铁路系统，这个系统承载了2倍中国国内航空业的每月客运量。在过去的几年中，中国高速铁路系统以每年28%的速度在增长，在春节期间，中国高速铁路网络的运输人次达到了5400万人，这个数字相当于整个美国国内航空的输送人次。
Li Xiaohung, a shoe factory worker, rides the 430-mile route from Guangzhou home to Changsha once a month to visit her daughter. Ms. Li used to see her daughter just once a year because the trip took a full day. Now she comes back in 2 hours 19 minutes.
李小环是一名鞋厂工人，她每个月从广州回长沙历经430英里的路程去看望她的女儿。从前李小姐看一次女儿将花费一整天的时间，所以她一年才回去看望一次。但是现在她可以在2小时19分钟以内到达。
Business executives like Zhen Qinan, a founder of the stock market in coastal Shenzhen, ride bullet trains to meetings all over China to avoid airport delays. The trains hurtle along at 186 miles an hour and are smooth, well-lighted, comfortable and almost invariably punctual, if not early. High-speed trains seemed like a strange thing, but now it’s just part of our lives,” Mr. Zhen said.
类似于甄秦安这样的企业高管，他是一名深圳上市公司的创始人，为了避免因航班延误而影响工作，他经常乘坐高铁往返于中国各地参加各种会议。高铁明亮、舒适、富有美感，并且以每小时300公里的时速准时到达。他自己说道：“中国高铁在我感觉有那么一点奇怪，但是，现在它已经融入了我的生活之中了。”
China’s high-speed rail system has emerged as an unexpected success story. Economists and transportation experts cite it as one reason for China’s continued economic growth when other emerging economies are faltering. But it has not been without costs — high debt, many people relocated and a deadly accident. The corruption trials this summer of two former senior rail ministry officials have cast an unfavorable light on the bidding process for the rail lines.
中国的高速铁路系统是一个难以置信的成功。当其他新兴经济体正面临这摇摇欲坠的情形时，许多经济学家和交通专家都认为高速铁路系统是中国经济持续增长的一个重要原因。当然，这并不代表着没有弊端—高债务以及许多拆迁安置问题和交通事故。今年两名前铁道部高级官员的落网也为中国高速铁路的建设进程蒙上了阴影。
The high-speed rail lines have, without a doubt, transformed China, often in unexpected ways.
毫无疑问的，高速铁路正在以意想不到的方式改变着中国。(更多译文，请访问赛亚网saiyaa.com)
For example, Chinese workers are now more productive. A paper for the World Bank by three consultants this year found that Chinese cities connected to the high-speed rail network, as more than 100 are already, are likely to experience broad growth in worker productivity. The productivity gains occur when companies find themselves within a couple of hours’ train ride of tens of millions of potential customers, employees and rivals.
例如，中国的工人现在效率更高了。一份由世界银行三个顾问团文件显示，中国的高速铁路网络，已经超过了1万的里程，视乎正在极大的提升劳动生产率。许多公司发现，在几个小时以内，自己便有可能面对那些数以百万计的潜在客户、员工以及竞争对手，这无疑提高了劳动生产率。"
原文标题：以我的中国之旅为视角(金融分析)
Observations From My Trip To China
更多译文，请访问赛亚网saiyaa.com
Infrastructure
基础设施
China leads the world in infrastructure spending, and I saw evidence of this everywhere I turned – cranes, scaffolding, rock quarries, lumber yards, etc. I’ve never seen anything like it.
中国基础设施支出居世界之首,无论我身处何地，我所看到的所有东西都能证明这一点——起重机、脚手架、采石场,木材场等等。我从来没有见过这样情形。
Is this a huge waste and bubble – a Google search for “China infrastructure bubble” yield 4.3 million hits – or a wise investment in the future? I’m not sure. I’ve certainly seen the reports of white elephant projects – even entire ghost cities (though they may not actually be, as this article notes) – and I saw an empty housing development outside of Tengchong that could have been transplanted directly from the outskirts of Las Vegas circa 2009.
在Google上搜索“中国基础设施泡沫”点击量高达430万，这是巨大的浪费和经济泡沫，这那么样的投资还是明智的吗?我不确定。我见过白象项目的报告——甚至整个鬼城(尽管他们可能不是,正如这篇文章所指出的),我看到腾冲郊区的城镇建设，那几乎能直接将2009年的拉斯维加斯的郊区搬过去。
But China’s infrastructure was very impressive. Every road was paved and in good condition, even far outside of Tengchong. The four airports I flew into and out of were modern and beautiful – even the small one in Tengchong. One of the Teach for China teachers told me that one of the newest buildings in every town in China is the school – and, sure enough, though the school I visited was in old, wooden buildings, right down the road a large new building was almost complete for the school to move into next year. Lastly, remember all the stories about China’s high-speed rail network, which was characterized by corrupt contracting, shoddy construction, and numerous accidents? Well, read this story in the NY Times last month, Speedy Trains Transform China. Here’s an excerpt:
但是中国的基础设施真的真的令人印象深刻。哪怕是远离腾冲的地方，每一条道路都在翻新并且保持着很好的路况。我所见过的4个机场都是那么的漂亮和现代化—哪怕是腾冲的那个。一个中国老师告诉我，在中国的小镇里，每一个正在动工的建筑工程，都是学校。—尽管我现处的学校是一个老旧的木质建筑，但是沿着公路看去，你会看到一个即将完工的巨大建筑，那就是明年他们要搬进去的新校址。最后，看看这些情况，莫非这也是腐败工程、豆腐渣工程以及数量众多的事故的代表？恩，上个月曾经在《纽约时报》中看到了一篇文章，题名是：高速铁路改变中国。这里是摘录：
"The cavernous rail station here for China’s new high-speed trains was nearly deserted when it opened less than four years ago.
巨穴般的高铁站，从荒废的土地到启用只用了不到4年的时间。
Practically every train is sold out, although they leave for cities all over the country every several minutes. Long lines snake back from ticket
indows under the 50-foot ceiling of white, gently undulating steel that floats cloudlike over the departure hall. An ambitious construction program will soon nearl y double the size of the 16-platform station.
经管这些到全国各地城市的高铁车次密度只有几分钟，但是，依旧是销售一空。云白色的天花板下是微微起伏的钢架，长蛇一般的队伍从售票窗口连绵不绝。一个32站台的高铁站建设工程，正在雄心勃勃的开展着。
Just five years after China’s high-speed rail system opened, it is carrying nearly twice as many passengers each month as the country’s domestic airline industry. With traffic growing 28 percent a ye ar for the last several years, China’s high-speed rail network will handle more passengers by early next year than the 54 million people a month who board domestic flights in the United States.
仅仅用了5年的时间，中国启动了它的高速铁路系统，这个系统承载了2倍中国国内航空业的每月客运量。在过去的几年中，中国高速铁路系统以每年28%的速度在增长，在春节期间，中国高速铁路网络的运输人次达到了5400万人，这个数字相当于整个美国国内航空的输送人次。
Li Xiaohung, a shoe factory worker, rides the 430-mile route from Guangzhou home to Changsha once a month to visit her daughter. Ms. Li used to see her daughter just once a year because the trip took a full day. Now she comes back in 2 hours 19 minutes.
李小环是一名鞋厂工人，她每个月从广州回长沙历经430英里的路程去看望她的女儿。从前李小姐看一次女儿将花费一整天的时间，所以她一年才回去看望一次。但是现在她可以在2小时19分钟以内到达。
Business executives like Zhen Qinan, a founder of the stock market in coastal Shenzhen, ride bullet trains to meetings all over China to avoid airport delays. The trains hurtle along at 186 miles an hour and are smooth, well-lighted, comfortable and almost invariably punctual, if not early. High-speed trains seemed like a strange thing, but now it’s just part of our lives,” Mr. Zhen said.
类似于甄秦安这样的企业高管，他是一名深圳上市公司的创始人，为了避免因航班延误而影响工作，他经常乘坐高铁往返于中国各地参加各种会议。高铁明亮、舒适、富有美感，并且以每小时300公里的时速准时到达。他自己说道：“中国高铁在我感觉有那么一点奇怪，但是，现在它已经融入了我的生活之中了。”
China’s high-speed rail system has emerged as an unexpected success story. Economists and transportation experts cite it as one reason for China’s continued economic growth when other emerging economies are faltering. But it has not been without costs — high debt, many people relocated and a deadly accident. The corruption trials this summer of two former senior rail ministry officials have cast an unfavorable light on the bidding process for the rail lines.
中国的高速铁路系统是一个难以置信的成功。当其他新兴经济体正面临这摇摇欲坠的情形时，许多经济学家和交通专家都认为高速铁路系统是中国经济持续增长的一个重要原因。当然，这并不代表着没有弊端—高债务以及许多拆迁安置问题和交通事故。今年两名前铁道部高级官员的落网也为中国高速铁路的建设进程蒙上了阴影。
The high-speed rail lines have, without a doubt, transformed China, often in unexpected ways.
毫无疑问的，高速铁路正在以意想不到的方式改变着中国。(更多译文，请访问赛亚网saiyaa.com)
For example, Chinese workers are now more productive. A paper for the World Bank by three consultants this year found that Chinese cities connected to the high-speed rail network, as more than 100 are already, are likely to experience broad growth in worker productivity. The productivity gains occur when companies find themselves within a couple of hours’ train ride of tens of millions of potential customers, employees and rivals.
例如，中国的工人现在效率更高了。一份由世界银行三个顾问团文件显示，中国的高速铁路网络，已经超过了1万的里程，视乎正在极大的提升劳动生产率。许多公司发现，在几个小时以内，自己便有可能面对那些数以百万计的潜在客户、员工以及竞争对手，这无疑提高了劳动生产率。"
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没人评论也。
中国必须崩溃，否则就是政治不正确
用一堆废话来证明一句无比正确的废话。
西方人看事情和我们角度不太一样，他们觉得怎么都这样了还不崩溃
西方人看事情和我们角度不太一样，他们觉得怎么都这样了还不崩溃
就是不崩溃，气死他们！
就是不崩溃，气死他们！
66年来，我们一直在崩溃
66年来，我们一直在崩溃
口径不对，请维持原崩溃论，不然我不习惯，谢谢！