The People’s Republic of China (PRC) has made significant economic advancements since its founding in 1949 and, as the world’s second-largest economy continues to grow, it is becoming more entwined with the rest of the world and pivotal to the global economy.

In this report, we review the key milestones of China’s economic development and rapid urbanisation—referencing policy announcements, market information and economic data. After only 40 years of reform and opening-up, and just 20 years into the formation of the modern real estate industry, there is still tremendous untapped potential in China for greater urbanisation, advancement in industrial upgrading and growth in consumer markets.

The global economy is faced with several challenges and uncertainties at the moment—how China responds to these will determine its future. The innovative approaches, long-term vision and collective determination should stand the nation in good stead in the future.