rcrowding and rampant construction plaguing cities, and the development of cities will also offer unique ways to bring about rural revitalization,” Chen said.
“As restrictions on hukou will gradually be removed, cities need to be well-prepared to offer
accommodation and employment opportunities, and allow children of migrant workers to have equal access to education,” Chen added.
China has made steady progress in urbanization, as the ranks of permanent urban r
esidents stood at 831 million at the end of 2018, up 17.9 million from the previous year, said the National Bureau of Statistics.
Last month, the National Development and Reform Commission said it
plans to increase the urbanization rate by at least 1 percentage point by the end of this year.
Shen Chi, vice-director of the China Center for Urban Development, said the government’s new
plan will help foster high-quality and sustainable economic development across the nation.
“Relaxing the hukou policy will be a key step in promoting the free flow of labor across
the nation,” Shen said. “A systematic consideration and arrangement of the integratio
tment, and it could also leverage on more bank lending and attract private funds to increase investment, said Xu.
In the meantime, allowing retail access to local government bonds will help diversify the
investor base and increase market liquidity, said Amanda Du, an analyst at Moody’s Investors Service.
The analyst expected access for retail investors to widen to encompass all local government bonds in 2020.
hina’s economy grew at a faster-than-expected 6.4 percent year-on-year in the first qua
rter, according to data released by the National Bureau of Statistics on Wednesday.
The growth was unchanged from that registered in the fourth quarter of last year.
The country’s industrial output posted steady growth in the same period, up by 6.5 percent
year-on-year, compared with 5.7 percent in the previous quarter, official data showed.
Fixed-asset investment growth was 6.3 percent in the first quarte
r, compared with 6.1 percent in the first two months, according to the NBS.
Retail sales increased by 8.3 percent year-on-year in the same pe
riod, compared with 8.2 percent in the first two months, the data showed.
The city of Shanghai has become the first local government to answer the call of the central gove
rnment to promote automobile consumption by providing subsidies, since 10 mi
nistries and commissions of the country released six major methods of promoting car sales in January.
The official WeChat account of the Shanghai Municipal Government announced yesterday it will launch a car trade-i
n program, encouraging car owners to trade in their vehicles for new gas-powered cars complying with State-VI emi
ssions standards or new energy vehicles, according to a report by the 21st Century Business Herald.
The government will provide a subsidy of 10,000 yuan ($1,489) for a trade-in gas-powered
vehicle and 15,000 yuan for a trade-in new energy vehicle, the announcement said.
China’s automobile market saw a sales decline in 2018 for the first time
in 28 years, with passenger vehicle sales slumping for 10 consecutive months from last y
ear to March, according to the China Passenger Car Association. As the central government halved subsidies for new energy
vehicles this year, the promotion of car consumption depends more on local governments and enterprises.