The downside of the stellar growth rates that local dynamism has provided is the wasteful investment-led growth economic model that it has spawned, a phenomenon that is now a matter of legitimate global concern. India has achieved growth rates of 7 to 8 per cent by investing about one-quarter of its gross domestic product. China, by contrast, as local governments spend willy-nilly to keep up with the Wangs and the Zhangs next door, has invested nearly half of GDP to get a few percentage points more than its giant neighbour. As long as China continues to invest more than it consumes, its
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