Investing Subcomponents: Aggregate Fixed Investment Rates

The impact of investing on long-term prosperity takes time to flow through, so when we look at investment rates in a country we want to see what the trend has been, not just what happened recently. And we want to pay attention to the level of investment rates, not the wiggles. Moreover, not all types of investment produce income. While it’s hard to assess that well, one thing we know is that real estate investments are generally not productivity enhancing, so we want to exclude those as best we can.

投资长期繁荣的影响需要时间流逝，所以当我们看一个国家的投资率时，我们想看看趋势是什么，而不仅仅是最近发生的情况。而我们要注意投资利率的水平，而不是摆动。此外，并不是所有类型的投资都会产生收入。虽然很难评估这一点，但我们知道的是，房地产投资一般不会提高生产力，所以我们希望尽可能排除这些。

For these reasons we measure the rate of investment for a given country by looking at the average level of fixed investment as a percentage of GDP in the economy over the last seven years, stripping out residential real estate.

由于这些原因，我们通过将固定投资的平均水平视为过去七年经济中GDP的百分比来衡量某一国家的投资率，剥离了住宅房地产。

As highlighted above, on this measure China is ranked at the top. The US and Germany are towards the bottom—investment levels in those countries stagnated for some time. The impact of adjusting for cost puts India at the top just above China, but Germany and the US remain near the bottom, and Japan is modestly above them.

如上所述，中国在这个措施上排名第一。美国和德国在这些国家的底层投资水平停滞了一段时间。调整成本的影响使印度在中国以上，但德国和美国仍然接近底线，日本略高于上述水平。