China to accelerate push for urbanisation

China will build more city clusters and ramp up urbanisation in a bid to maintain its current speed of growth. It also wants to double its middle class in 10 to 15 years to support its new economic strategy, as it pivots away from traditional propellers like property, infrastructure investments and trade that have secured China's dizzying economic growth for more than 30 years.

Professor of economics Tan Kong Yam at NTU said that central and western China, which are less developed, have scope to grow, as they have a relatively low urbanisation rate of between 45 and 60 per cent. They can hit 75 per cent in the next 15 to 20 years, added Prof Tan, who is also deputy chairman at APS Asset Management (China).

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