China's Growth Imbalance And Innovation Collapse

China's growth has been very imbalanced—investment near 40% of GDP versus US 70% consumption—and shifting to consumption is hard given lack of medical care, social security and the legacy one-child policy; more fundamentally, their economy-wide rate of innovation has collapsed because they oppressed the private sector, which is the root of innovation, so they must restore agency to the private sector to grow again.