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China's development benefits other countries.

At some point, the spectacular growth in China has to stop.

Urbanization is not about simply increasing the number of urban residents or expanding the area of cities. More importantly, it's about a complete change from rural to urban style in terms of industry structure, employment, living environment and social security.

We all know that China is industrializing at a growth rate of 8 to 10 percent per year. China is on track to pass the U.S. as the largest economy in the world in 20 to 25 years, and China is determined to give its people a chance at this high standard of living that we enjoy.

If managed well, urbanization can create enormous opportunities: allowing innovation and new ideas to emerge, saving energy, land and natural resources, managing climate and the risk of disasters.

China is the big economic engine in Asia, so what happens is, as China growth expands, these countries in the periphery of China, whether it be Indonesia, Malaysia, Singapore, the Philippines, they end up growing with China because they become big exporters.

Urbanization has relied on land conversion and land financing, which is causing urban sprawl and, on occasion, ghost towns and waste.

Even as China's growth slows, it will continue to be a powerhouse for the global economy.

I lived in China for 9 years straight. I saw how my Chinese friends benefited and gained much more freedom to determine the course of their lives, their jobs, their creative works, and their identities over the course of a decade. Much of this increased freedom is thanks to economic engagement by the West.

At the same time, we are keenly aware that China is still the largest developing country in the world and we need to make long and hard efforts if we are to build a moderately prosperous society in all respects and basically achieve modernization.