Excerpt from the World Bank Group Report 2021:
"Moreover, as China seeks to rebalance its economy from investment to a more innovation- and services-driven growth model, it will need to embrace the growth potential of its most developed and innovative metropolitan areas and city clusters, shifting the growth pole back to the coastal regions. Against this backdrop, policies to foster market integration and reduce spatial frictions in factor markets would enable a more efficient spatial allocation of labor and capital, harnessing the benefits of agglomeration and urbanization."
http://hdl.handle.net/10986/35014
Image credit - Barron's
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