As China's economy grows, concerns are raised about whether it can be sustained

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Summary:
As China prepares to rocket past Japan to become the world's second largest economy, concerns abound in growing economic powerhouse that the growth might not sustainable in the long term and that some people are more equal than the vast majority. Real estate prices are climbing at an incredible rate, with average apartment cost in the industrial city of Wuhan being 29 times the average salary. Wuhan, which is considered to be a fairly average city in China, has a booming economy, with local officials setting a goal for 12% annual growth during the next Five-Year Plan. The massive growth hasn't been without problems though. A grey haze caused by pollution hangs over the city and it is so thick one can't see the other the side when standing at the edge of the Yangtse River, which cuts through the city. Economists voice concerns that the growth maybe unsustainable and could potenially lead to economic collapse. They point out that local officials are more concerned with earning promotion and high growth rates look good. This prompts officials to pursue short term wins by buying up land and building infrastructure, but building up substantial debt in the process. And the officials don't have to worry about long-term consequences because they will likely not be around when the system comes crumbling down. Moreover, the lower rungs of society seem to be left behind as they struggle to support themselves among the rising costs of living. If the bottom falls out of the market, there is going to be a lot of very unhappy people in city of Wuhan and all over China.

Significance:
Wuhan's growth and the concerns voiced by economist represent a common concern throughout China. Despite the rapid fire growth, many in China and around the world wonder aloud whether the exponetial growth can be maintained into the long term. A stagnation of the economy in China would be disastrous and could potenially lead to regionalism and foreign interference, a situation all to familiar to anyone well versed in Chinese history. Time will only tell if China can maintain its unprecedent growth or face the consequences of a economic slowdown.