Extracted from the Australian Government Australia in the Asian Century, Towards 2025, China Country Strategy:
China's rise to the top of the global economic and political order is defining the 21st century. By 2025, China is set to be the world's largest economy. the Chinese economy's size and scale, combined with robust growth, will consistently make China the largest contributor to global and Asian economic growth leading up to 2025.
How China manages its transformation from export and investment led development to a consumption and innovation driven economy will determine the shape of the global economic system in the coming decades.
China's economic reforms will bring further urbanisation and the emergence of the world's single largest middle class. By 2030, 70 per cent of chinese people will be living in cities. New cities will emerge and current second and third tier urban centres will expand. Urbanisation will spread further west and inland, creating new and larger economic hubs in China's interior.
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