In his new commentary, "Rising cities helping to rebalance growth" (China Daily, April 7, 2009), Dr Steinbock notes that in the past few months, international media has made much about the collapse of exports from Asia, including China. However, conventional wisdom is flawed on two critical counts. With recovery, trade and investment will take off, over time. But China's growth does not depend on exports alone. "Given the stable and peaceful international environment", argues Dr Steinbock, "China's massive and evolving market will offer extraordinary growth potential for years to come - as evidenced by sustained urbanization."
In 2010 China's level of urbanization will be about the same as that of the US in 1910 and Japan in the late 1950s, notes Dr Steinbock. "In the US, that benchmark year heralded America's economic dominance in the world economy. In Japan, the benchmark year heralded beginning of the Golden Era of the Japanese economy in the 1980s." He adds: "In 2010, China may be where urban America was in the early 1910s and urban Japan in the late 1950s - at the eve of a great growth curve."
China Daily, established in 1981, is the only national English-language newspaper in China. The average daily circulation is more than 200,000, one-third of which is abroad in more than 150 countries and regions.