Future Growth? The Answer Is Megacities
The economic slowdown has led to a search for growth opportunities. Urbanization is being raised as a possibility for China's economy. It could be but not in the context being discussed. The country's growth in the future depends on raising productivity. Urbanization, if structured efficiently, could help in that regard.
Urbanization as an untapped resource is not available. When one travels through the countryside, it is apparent that old folks and children dominate. There isn't a big and untapped source of workers in their prime available for migration. The maximum source of labor available for migration is the children growing up to join their parents who already work in cities. It may add 1.5 percent to the existing urban population, similar to the natural growth rate in many countries and hardly a torrent requiring massive resources for building new cities and expanding existing ones.
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