the-east-is-in-the-red-the-whiteknuckle-ride-begins
From the same article
So far the Chinese economy is rebalancing exactly as Mr Hu and Mr Wen wanted, although the pain threshold for unemployment cannot be far away. China has been the saviour of the Australian economy for five years or more and it will not be too long before it is again. The forces that are driving Chinese people to urbanise, escape from poverty and consume energy and mineral resources are far from over.
Earlier this year a team of 20 consultants at McKinsey & Company constructed a ground-up model of what China will look like two decades from now. By then China will have urbanised and another 350 million people will have moved from the countryside.
They will live and work in more than five million buildings in 200 cities that each contain more than 1 million people. Fifty thousand of those buildings are likely to be skyscrapers - "the equivalent to constructing up to 10 New York cities," says the McKinsey report, Preparing for China's Urban Billion.
The message, studied closely by Australian mining companies such as BHP Billiton and Rio Tinto, is that if you have been impressed by the gleaming towers of Shanghai and Beijing then you have seen nothing yet.