Bain & Company Partner Stephen Shih argues that much quiet modernization "has been masked in many industries by overcapacity" in China. For example, little of the fertilizer industry's capacity used advanced technologies in 2011; most of the new capacity added since then has been the modern sort that is 40% cheaper to operate. "When the older capacity in China is shut down, we’ll have a much more modern industrial sector," Shih says. "The question is, how long will this take?"