We all know China has been a modern miracle of growth since Deng Xiaoping’s reforms were introduced in 1978. For over 30 years, China’s real GDP growth has averaged about 10% annually—a sustained pace of growth that is unrivaled in economic history (see Aizenman and Spiegel 2010). To put that in perspective, over the same time period, the rest of the world’s economies experienced an average annual growth rate of real GDP of about 3% (International Monetary Fund 2013). China’s growth has been driven by an almost unbelievable pace of urbanization, both natural and managed. The share of China’s population living in cities more than doubled between 1980 and 2005, to 44% (Woetzel et al. 2009). At its current pace, we can expect to see one billion people living in cities by 2030. That’s more than the current populations of the United States, Russia, and the entire European Union combined. This accomplishment is breathtaking.