McKinsey & Company released a report on the 24th saying that with China's current urban development trend, the country's urban population will reach 926 million in 2025; and by 2030, will exceed 1 billion.
According to the report, China's urban centers in the future will have a more dominant position. From 1980 to 2005, China's urbanization had more than doubled to 44 percent. By the year 2025, 66 percent of China's population will be living in the country's cities.
The report said: "Growth in cities and China's strong economic growth complement each other. In the past 20 years, the city has been the main driving force behind China's GDP growth; and in the next 20 years, the situation would be more significant. Under the current trend, we can predict that the proportion of China's urban GDP (of the country's total GDP) will rise from the current 75 percent to 95 percent in 2025."
The report said China's city size and the pace of urbanization are expected to be unprecedented. By the year 2025, China will have 221 cities with 1 million people each; 23 cities with a population of more than 5 million; and Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Wuhan, Chongqing and Chengdu will be giant cities with over 10 million inhabitants.
The report said individual consumption in China will occur mainly in the cities; the proportion of GDP coming from urban consumption will rise from 25% in 2005 to 33% in 2025, reaching 21.7 trillion yuan.
By People's Daily Online
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