For the first time in recent history, China is trying to be innovative in an area not explored by other countries before, or, if they have, they have not done it very well. Should we rejoice? Not exactly, because the area in which China has chosen to be innovative is a one-way street. As The Hollies used to sing "it's a long, long road, from which there is no return ... that lead us to who knows where".

This one-way street is called urbanization, in which China cannot afford to commit mistakes. China is basing its future growth model on the assumption that "urbanization leads to economic growth". However, the reverse may be true, that is, "economic growth leads to urbanization".

Luckily, it seems Chinese policymakers are now taking a more cautious approach to urbanization, which is a welcome development.