Meanwhile, sustainability in urban governance is also important. For example, not enough attention is paid to the public finance system. Without a healthy public finance system, urbanization will create more problems than it solves.

It is estimated that thousands of millions of rural residents will become urbanites in the decades to come. It is the mission of our generation to make hard choices, slow down our pace, and achieve sustainability, to ensure the healthy development of China's urbanization.

Xue Lan is also co-chair of the Urban China Initiative jointly led by the Tsinghua School of Public Policy and Management, Columbia University, and McKinsey & Company.