Earlier this year the British Telegraph Newspaper published a story about the creation of a new megacity in the Chinese Pearl River delta region. “China is planning to create the world’s biggest mega city by merging nine cities to create a metropolis twice the size of Wales with a population of 42 million”, the opener of their story stated. The region mentioned here is an area covering the cities of Guangzhou, Shenzhen, Donggaun, Foshan, Huizhou, Zhaoqing, Jiangmen, Zhongshan and Zhuhai (as described in the China Urban Development Blog). The story was quickly picked up by many news sources back then, while Chinese officials were quick to deny the reports. Stories like this show, how urbanisation and megacities have become a buzz word, and are used especially in relation to the emerging economies in Asia in order to picture these – for western-centric eyes unbelievably – large and still growing populations in the most urbanised regions on the planet. A few thoughts on the relevance of megacities in their global context have been published on this website before (related to the map of the world’s megacities).
With special regard to the Telegraph story I have drawn another map showing the population distribution of China (based on 2010 Data from the Chinese Census and from estimates of SEDAC’s GPW database) and highlighted the Pearl River Delta region in this map. The equal-population map shows a gridded population cartogram in which every grid cell is resized according to the total number of people living there. This map makes the plans of a more integrated Pearl River Delta region more understandable, and perhaps slightly less exciting for those who interpreted the news as the creation of a new megacity, rather than the logical step in connecting an already populous region.
Tag Archives: China
The World of America’s Debt
The financial crisis continues to make it into the headlines. Mountains of debt piled up by the world’s wealthiest nations (as shown in this map) stir up the financial markets and indicate that political measures since the early days of the economic meltdown in 2008 had little impact or simply were too meaningless to induce a real change into the mechanisms of the markets. The EU keeps struggling to calm investors over fears of yet another country going bust while on the other side of the pond the rating agencies start playing games with the world’s largest economy. As the NYT explains, The rating agency thinks the United States has too much debt, or at least will: “Under our revised base case fiscal scenario — which we consider to be consistent with a AA+ long-term rating and a negative outlook — we now project that net general government debt would rise from an estimated 74 percent of G.D.P. by the end of 2011 to 79 percent in 2015 and 85 percent by 2021.” (read more about credit agency ratings in the A ‘AAA’ Q. and A.). After some brief debates about credit agencies not long ago, these discussions seem to have disappeared again, and the old mechanisms of nervous investors and even more nervous decision makers, like it always did in the last three years.
At the same time an emerging super power starts to find its own political voice against its perhaps largest rival: After years of growing economic dominance, China seems to gain confidence in confronting the USA with bold statements. As the largest holder of US debt, they may start to worry with the investors’ decline in trust in America, causing China to warn America over its addiction to debt.
The current American debt levels did not come out of the blue, but have long started piling up, as a look at the development of US debt over the last decade shows: The total national debt of the United States is at $14.3 trillion this year, up from $5.8 trillion in 2001. Particularly interesting for the global markets is the external debt that the USA owes to foreign holders outside the country. Here George W. Bush took over approximately $1 trillion in foreign debt from the Clinton administration (Bill Clinton managed to induce a reduction in national debt levels in his second term). After a short period in which this downward trend continued, foreign US debt started to rise after September 2001, and Bush handed over more than $3 trillion of National debt to Barak Obama in 2009, with a considerable trend upwards since the financial crisis hit the nation in 2008. Only recently this upward trend started to level off slightly, and foreign debt is now just below $4.5 trillion. Besides China, as the largest single holder of foreign US debt, the liabilities are spread around the globe, with a considerable amount of debt being held by some of the other indebted economies such as the United Kingdom (as the country with the largest external debt of European countries). The following map shows the countries of the world resized according to the total amount of US treasury securities that are held in that country. It uses the most recent data published by the US Treasury:
