China on Sunday unveiled an urbanization plan for 2014 through 2020. The blueprint, called The National New-type Urbanization Plan, aims to assist rural residents moving to cities in an orderly manner.

The plan aims to have permanent urban residents make up 60 percent of the population by 2020, also at that time, registered residents who hold "hukous" should account for about 45 percent.

The government hopes that raising the number of legitimate urban residents will boost consumption and the service sector. To fund the urbanisation drive, the State Council will allow local governments to issue municipal bonds.

China on Sunday unveiled an urbanization plan for 2014 through 2020. [Xinhua]