Broadly it means that when the dollar weakens such that the price of gold spikes, what is limited capital seeks safe-haven in hard, unproductive assets like gold, oil, art and property.

广义来说，它意味着当美元走弱时，资本会寻找硬资产作为避险天堂，他们会投向非生产性资产，比如黄金、石油、艺术品和地产，黄金的价格会因此飙升。

youdao

Finally, I don't believe that China is a "nonreforming" economy with a buildup of unproductive capital.

FORBES: Magazine Article

Since most capital investment in China is financed via debt, unproductive capital investments create debts that cannot be repaid.

FORBES: Manage America's Economic Decline? No Thank You.

In practice, large-scale government stimulus is an invitation for corruption and a diversion of resources that builds up knowledge and capital in unproductive areas.

FORBES: Links 05 Sept: Keynesians Need To Take Account Of The Long Run