Report on Rates of Urbanization in China

New data on China reveals that its middle class will hit 40 percent by 2020. It is currently urbanizating at a rate of 47% but that will increase to 55% by 2020, according to the International City Development Report released jointly by the Social Sciences Academic Press and Shanghai Academy of Social Science

The Shanghaiist reports, 

"During this period, some 150 million Chinese people will migrate from the farms to become city dwellers. Last year, the GDP of Beijing and Shanghai grew 8% and 8.2% respectively. Both cities were, according to Tu Qiyu in Shanghai Academy of Social Sciences, laggards in GDP growth compared to other major Chinese cities. This had to do with their high level of openness and internationalisation, he explained."