这个消极的后果的清单是很长的，但底线是简单的：中国经济增长的奇迹是没有奇迹的，中国将付出代价。
The list of negative consequences is very long, but the bottom line is simple: There is no miracle in the Chinese miracle growth, and China will pay a price.
美国经济增长奇迹能够持续如此之久的原因在于，美国是一个自由和富于创造力的社会。从长期角度看，美国能够不断提高生产率。
The us growth story has persisted for so long because it is a free and creative society and over the long term it can keep increasing its productivity.
成功的背后常常伴有阴影，就中国而言，在它经济增长的奇迹背后，巨额地方债的阴影挥之不去。
Successs stories often have a darker side and, in the case of China's growth miracle, this lies in the size of the debt burden of its municipalities.
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