Economic downturn and urban decline

Shaoxing, a coastal city of southeastern China, has grown from a small agricultural town to a multi-million texitile industry cluster which is the largest in the world. According to NYT, it is the city, born in the boom and dying in the bust. The story shows that the increasing complexity of the process of the city's properity and decline. It is particularly so, whent the city much depends on interantional trade. Currency rate, oil prices, raw material, wages level, global economic performances - all are intermingled into the growth and decline of particular cities. The economic cycle of up and down is something that city has faced throughout urban history. The ability of resilience may be the key factor that the city should cultivate through its growth strategies and economic development plans.