China: $8 Trillion for Urbanization

PALASH R. GHOSH writes in the INTERNATIONAL BUSINESS TIMES:

China needs to Spend Almost $8 Trillion to Cope with Massive Migration of Rural Peoples Into Cities.

China needs to spend £5 trillion ($7.8 trillion) over the next two decades as an additional 200 million people are expected to move into the urban centers of the country, a new government report warned.

There are already up to 300 million migrant workers who have taken up residence (often illegally) in China’s metropolises. Many of these arrivals live in substandard housing and toil at low-paying, menial jobs.

The report, entitled “Blue Book of Cities in China” and released by the Chinese Academy of Social Science’s Institute for Urban and Environmental Studies, underlines the massive problems China faces as its population rapidly urbanizes. READ MORE.

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