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News Link • China

Update on Urbanization in China

•, brian wang

Established in April 2017, Xiongan New Area is a redevelopment project planned for Hebei, China. Initially, the city will cover nearly 40 square miles, but eventually it will reach about 80 square miles — over three times the size of Manhattan. Xiongan will take 15 years to build and will have 4.5 million people. Xiongan has $290 billion in funding.

The percentage of population living in urban areas was 56.1% in April, 2016, with a target rate of 60% by 2020. According to the National Bureau of Statistics, migrant workers comprised 19.76% of China's total population in 2013, while urban residents comprised 35.7% of the total population. The target is to help 100 million migrant workers obtain an urban hukou by 2020.

In the first quarter of 2017, the national per capita disposable income was 7,184 yuan, a nominal growth of 8.5 percent year on year or a real growth of 7.0 percent after deducting price factors. The growth rate of income was 0.1 percentage point higher than that of GDP. In terms of usual residence, the per capita disposable income of the urban residents was 9,986 yuan, a real growth of 6.3 percent after deducting price factors.

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