In China's leading megacities, such shifts rely on market-driven change, particularly in commercial real estate.

Since the rise of green buildings a decade or so ago, sustainable construction and building management has evolved rapidly, especially with green building certification systems. The so-called green office market in Shanghai has attracted significant attention internationally as high-profile buildings advertise their sustainable designs and certifications.

It is the lifetime of the building - not the construction phase - that drives most of a building's environmental impact. Superior competitive performance relies on sustainable practices, which are already widening the performance gap between green and non-green buildings.

Green buildings and green cities are not just vital for sustainability; they also offer progressive business opportunities.

Today, more than half of the Chinese population live in the cities. By 2020, the proportion of the urban population is likely to soar to 61 percent, or almost 850 million. What this means in practice is that China's urban population could increase by almost 190 million. It is comparable to urbanizing the populations of Germany, France and Spain, within one decade.

In terms of urbanization rate, China is today where the United States was around 1920. While China's rise has barely begun, it will have to cope with far greater environmental stress.

As a result, the way in which China's development proceeds will have colossal implications for the health of the population, the environment, and sustainable growth - not just in China, but worldwide.

Dr Dan Steinbock is research director of international business at India, China and America Institute (USA), and visiting fellow at Shanghai Institutes for International Studies (China) and EU Center (Singapore)