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China to Reach 50% Urbanization in 5 years

People’s Daily. China’s urbanization rate will reach or exceed 50% within 5 to 6 years, according to the China government. China’s urban population had reached 622 million by the end of 2009, with the urbanization rate standing at nearly 47%.

China’s rapid urbanization will continue for 15 to 20 years.

At present, China’s urbanization rate is close to the average urbanization rate of middle-income countries. China’s urbanization rate grew by almost 1 percent annually over the past five years. Currently, an urban system combining big cities, small and medium-sized cities and towns has taken shape in China.

...Officials from the MOHURD [Ministry of Housing and Urban-Rural Development] pointed out that today and for a long time to come, China’s urbanization will be at a crucial stage during which China will face both opportunities and challenges. After the international financial crisis ends, China needs to rethink its urbanization mode which is based on an export-oriented economy. It must further increase its urbanization rate by relying on domestic demand and actively taking advantage of exports, officials said.


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