Not sure what you mean by "out of date"
in 2011 they launched a policy of reducing growth by raising the reserve ratio massively, they are targeting "high single digit growth".
That growth is all mostly coming from the urbanisation policy. from 98% of the population living and working in the paddy fields a few decades ago to their target of 90% living in modern super cities.
They can literally double their output from now simply by spreading technology from the early 1900s, rather than pure manual labor. But they are going straight for "next-generation manufacturing".
"Energy oversupply", "city oversupply"... Those would be those "flawed assumptions" I was talking about.
Its only "oversupply" if you think it impossible they get from the 56% urbanisation rate they are currently at, to somewhere near the 95% urbanisation rate of countries like the USA. Which is the current policy.
And pretty much anything is much much more productive than picking rice from a paddy field by hand, which is the current working day of 46% of the Chinese population - more than 600 million people - or twice the population of the US.
http://www.worldbank.org/en/country/china/publication/urban-...
By 2030, up to 70% of the Chinese population - some one billion - will be living in cities.