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.
nd we know how to do it,” Boeing CEO Dennis Muilenburg said in a video, according to the report.
Also on Thursday, an Ethiopian official confirmed news reports that the flight crew of the d
oomed flight had followed Boeing’s recommended procedures, at least in part, by disabling the automated anti-s
tall system of the 737 Max 8 but were unable to regain control of the plane before it crashed.
At a news conference in Addis Ababa, the nation’s transportation minis
ter confirmed earlier indications that the plane’s anti-stall system was repeatedly triggere
d in the minutes between the takeoff and crash, but he did not draw definitive conclusions about the crash’s cause.
“The pilots turned the MCAS on and off, but I can’t say how many times, because we will find t
hat out when we have the final report,” Dagmawit Moges, Ethiopia’s transportation minister, told The N
ew York Times. Moges was referring to the anti-stall Maneuvering Characteristics Augmentation System.
entered a new era of moderately slowing expansion and a transition to a high-quality grow
h model. That has pushed economists to reconsider some long-term issues, such as whether the economy wo
uld cool down sharply before a considerable rise in wealth, especially after a period of fast growth.
“The key method to ensure China’s role as a high-income cou
ntry is to adjust industrial structures and promote productivity,” said Zhu Min, an inf
luential Chinese economist and former deputy managing director at the International Monetary Fund.
High-tech manufacturing, the service industry and the digital economy will be the new engines
for the economy, while some traditional driving forces, such as injecting funds into the market, are losing momentum, Zhu said.
China’s total GDP exceeded 90 trillion yuan ($13.4 trillion) in 2018, and the per cap
ita GDP was about $9,700. Economists predict that if the country maintains growth of at least 6 percent th
is year, which is likely given the current momentum, its per capita GDP this year would surpass $10,000.