China’s planners push urbanisation as main growth driver

China’s planned urbanisation drive will be the main engine of growth for domestic economic activity in the years ahead, giving the government scope to boost domestic demand and infrastructure investment, a senior planning official said on Wednesday.

China plans to spend 40 trillion yuan (HK$49.3 trillion) to bring 400 million people to cities over the next decade as the government tries to turn the country into a wealthy world power with economic growth generated by an affluent consumer class.

via Business feed http://www.scmp.com/business/economy/article/1182712/chinas-planners-push-urbanisation-main-growth-driver