China has engineered a commercial real estate bubble, and the consequences might bear out in 2010, Daniel H. Rosen writes in a Wall Street Journal commentary. China is trying to prevent the bubble's burst by stepping up urbanization, but that could translate into oversupply problems. But Rosen says those fears are unfounded. "If China is already suffering overcapacity in everything, then indeed swelling the urban population would just exacerbate problems. But it isn't. In fact, there are huge swaths of economic activity and employment simply missing from the Chinese marketplace," he writes.
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