China's urbanization and housing boom

China's urbanization momentum has been non-stop ever since the founding of New China more than six decades ago. Now with millions moving to urban areas every year, housing demand is surging. That's about how the government is facing up to the challenge.

From 1949 to 2008, the number of cities increased five fold and the urban population grew ten times bigger.

According to the Chinese Academy of Social Sciences, the country's urbanization has been accelerating in the past ten years. Within two or three years, half the country's population will live in cities and towns.

In a housing agency near Beijing's north third ring road, staff are confident of their business prospects even though trade has been sluggish this year and prices have stopped rising. They say, generally speaking, there are more buyers than sellers.

Housing Agent, said, "The majority of buyers are not born in Beijing. Only one third are local people. And buyers are mostly young or middle-aged people."

The government work report has pointed out that curbing house prices will be an unfaltering task. Authorities will on one hand expand the construction of welfare housing, and on the other support commercial housing development by offering more land. The second hand and rental market will also be boosted.