A report by the Institute of Industrial Economic Studies under the Chinese Academy of Social Sciences said that promoting industry upgrading is key to fueling economic growth.
"During the urbanization process, we must build a multifunctional city backed up with key industries. And small towns should play a more important role in promoting the urbanization process," said Wei Houkai, deputy director of the Institute for Urban and Environmental Studies at the Chinese Academy of Social Sciences.
Some developers, in fact, have taken a different approach in taking advantage of the urbanization.
China Fortune Land Investment Development Co Ltd, for instance, is committed to building industrial parks.
The company, in cooperation with the local government, has built industrial parks in Gu'an and Dachang, both small towns near Beijing.
And the Gu'an Industrial park contributed more than 50 percent to the local government's revenue in 2008, according to the report by the Chinese Academy of Social Sciences.
"We are striving to develop such industrial parks in other cities," said Zhang Yong, vice-president of China Fortune Land Investment Development Co Ltd. The company, however, doesn't own land parcels, he added.
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