China's Ambitious Urbanisation Plan: A Glimpse into the Future

China's State Council announced a five-year action plan aiming to increase the urbanisation rate of its permanent population to nearly 70% by 2028. Currently, 66.16% of the population resides in urban areas. The plan seeks to unleash domestic demand and grant urban residency to rural migrants.

China's State Council revealed an ambitious five-year action plan on Wednesday, aiming to boost the urbanisation rate of its permanent population to close to 70% within the next five years, state media reported.

Latest figures indicate that as of the end of 2023, 66.16% of China's resident population lived in urban areas. The new strategy seeks to "fully release the huge potential of domestic demand embedded in urbanisation," according to the official news agency Xinhua.

A significant component of the plan involves a new round of actions to facilitate urban residency for rural individuals who have relocated to cities.