China's urbanization rate to hit 60 pct by 2018

China's urbanization rate is expected to hit 60 percent by 2018 at the current rate of urbanization, according to a blue book released on Thursday by the Chinese Academy of Social Sciences.

China's urbanization rate will top 54 percent by the end of 2013, according to the book.

Every one percent of growth in gross domestic product created 1.3 million to 1.7 million jobs in China's urban areas in 2012, the book said, adding that a total of 12.66 million jobs were newly added last year.

The income of both rural and urban residents saw an increase from 2010 to 2012. However, there is a large income gap between the two, the book said.

Annual per capita income in the highest income households was 20 times more than that of lower income families, it added.