China has achieved some four decades of rapid economic development. One powerful source of growth though, urbanization, has yet to be fully tapped, according to an article from World Economic Forum.
Over the last decade, China has been working to shift from a manufacturing-led growth model fueled by low-cost labor to an innovation-led, higher-value-added model underpinned by strong productivity gains. Urbanization will be critical to facilitate this shift, not least by enabling economies of scale.
Currently, China is the world’s most populous country and its second-largest economy. However, only half the population lives in urbanized areas, and less than 10% reside permanently in megacities.
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