Urbanization to fuel rural revitalization

China's urbanization rate is expected to reach 70 percent and 80 percent in 2030 and 2050 respectively, as its stable growth rate will help fuel domestic demand despite slowdowns in investment, consumption and exports, said experts during a recent forum.

Li Tie, president of the China Center for Urban Development under the National Development and Reform Commission, said during a warm-up seminar for the upcoming 2019 China Development Forum, that "currently, the three major forces in stimulating economic development had a slower growth rate, and urbanization has become a momentum to drive domestic demand".

He said that urbanization still has great potential in China. In 2018, China's urbanization rate for the permanent resident population was 59.58 percent, while that for the registered population was 43.4 percent. The United Nations has forecast that between 2018 and 2030, there will be over 190 million new urban population in China.