China to reach 50% urban population by 2015

Recently Li Shouxin, director of the Development Planning Department stated that China’s urban population had reached 622 million by the end of 2009, with the urbanization rate standing at nearly 47 percent with the urban population growing by just under 1% annually over the last five years.

Zhang Qin, deputy director of the Urban-Rural Planning Department under the Ministry of Housing and Urban-Rural Development (MOHURD), said the rapid urbanization of China will continue for 15 to 20 years and China will become an urban society during the “12th Five-Year Plan” period (between 2011 and 2015 ).

The process will create a market of at least 1 trillion yuan ($146 billion) in the coming 20 years, according to a report by the Xinhua News Agency.

[SOURCES: People's Daily Online and Global Times]

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