China Unveils Plan to Boost Urbanization to 70%, Adding 50 Million Urban Residents

Aug 2, 2024, 07:51 AM

China has announced a comprehensive plan to increase its urbanization rate to nearly 70% within the next five years, up from 66.16% at the end of 2023. This initiative, part of the Third Plenum reforms, aims to support rural migrant workers in settling down in urban areas by loosening residency restrictions and ensuring equal access to education, insurance, and housing. The State Council's new five-year hukou reform plan is expected to add over 50 million urban hukou holders. The Vice Chairman of China's State Planner estimated that each percentage point increase in urbanization could generate over 200 billion yuan ($27.74 billion) in consumption demand annually and boost new investment by 1 trillion yuan. By improving public services for urban migrants, China aims to promote high-quality development and economic growth.