China Plans major Infrastructure and Transport Network Improvement
China has announced 2014-20 urbanization plan which includes major expansion for transport network and urban infrastructure in the country. The plan includes major investments in infrastructure development as the country aims to increase per capita income with urbanization drive. The State Council introduced the plan on Sunday aims to increase the urban population in China to 60 percent by year 2020.
By year 2020, China aims to connect all cities with population above 200,000 with regular railways. The infrastructure development plan includes high-speed railway link to cities with more than 500,000 residents. The detailed report has been published in Chinese media agency Xinhua. At the moment, nearly 54 percent of China's population lives in urban areas.
As per the National Bureau of Statistics (NBS) data, nearly 35.7 percent of total population holds a "hukou" under China's household registration system. Registered urban population receives social benefits in China. The current move is expected to help nearly 100 million migrant workers.
The first urbanization move started in 1980 in China. The country has managed to become the manufacturing hub due to its cost effectiveness.
Chinese government also plans to expand the social welfare coverage with better options for medical and social insurance for residents. The newly planned urbanization drive is expected to boost the GDP of the country and improve the standard of living for the residents.
The major infrastructure improvement in China could lead to rise in demand and price of commodities in the international market. The last boom in steel and copper prices was seen mainly due to high demand from China.
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