One of China's top corporate officials has reassured Australian miners the process of urbanisation in the Asian nation has several decades to run and will continue stoking strong demand for minerals.
In words that will comfort Australia's massive iron ore export industry, Chinalco boss Xiong Weiping said about 52 per cent of Chinese people lived in urban areas and that rate had been increasing about 1 per cent each year.
''Based on this speed, urbanisation will continue to boost China's domestic demand for at least 30 years before it reaches the rate of 80 per cent,'' he said.
Speaking at a Melbourne Mining Club event in Beijing, Mr Xiong said China's demand for minerals had traditionally been higher than the nation's overall economic growth, which meant demand for minerals and commodities should be stronger than the expected growth rate of 7.5 per cent in coming years.
''If China's future GDP growth stands at 7.5 per cent, the growth rate of China's demand for minerals will be above 7.5 per cent,'' he said.
''It's worth mentioning that China will enter a key stage of accelerating industrialisation and urbanisation in the next 10 years and even longer, when the demand for mineral resources will continue to be strong.
''All international mining companies should grasp these rare opportunities in China's mining industry and make the best of it.''
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