China has set a Target to Increase the Urbanization Rate

China has set a target to increase the urbanization rate of permanent residents to around 70 percent within the next five years, aiming to further leverage the country’s significant potential for domestic demand, according to a recently released five-year plan by the State Council.

At a press conference in Beijing on Friday, officials outlined the action plan, stating that it focuses on a people-centered approach to urbanization, fostering a virtuous cycle between consumption and investment. By the end of 2023, China’s urbanization rate of permanent residents reached 66.16 percent, a significant increase from 53.1 percent at the end of 2012.