China’s National Bureau of Statistics (NBS) has stated that in the 40 years since the introduction of the country’s economic reforms and opening-up policy, China’s urbanization process has accelerated significantly, with its permanent urban population rising from 170 million in 1978 to 830 million in 2018, and with the urbanization rate increasing from 17.92 percent to 59.58 percent in the given period. Meanwhile, the number of cities in China rose from 193 to 672 over the same period.
Meanwhile, the process of urbanization in China is still continuing, which will expand the domestic demand for finished steel.