M BLUEPAPER October 10, 2019 08:00 PM GMT China The Rise of China's Supercities: New Era of Urbanization e believe Urbanization 2.0 will fuel productivity growth, allowing China to attain high-income status. By 2030 we expect the average size of the country's five Wsupercities to reach 120mn, an 8.5x increase in commuter rail length, and a tripling of the IoT and data market to almost US$1trn. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. M BLUEPAPER Contributors MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Robin Xing Gary Yu Jenny Zheng, CFA Economist Equity Analyst Economist +852 2848-6511 +852 2848-6918 +852 3963-4015
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