Editor-in-Chief of Arts/New waves The “grey cattle” on China’s long-term economic development path is our miracle savings rate, which combines savings into investment financing systems. To guard against this “grey cattle”, China’s policy should focus on two levels: how to reduce some of the inefficient or forced savings, thereby structurally increasing the share of consumption in total demand, the most central of which is to decentralize social insurance, thereby significantly reducing the co...