China, how the national economy has changed over the last 70 years

24/07/2019

 

To make it known is the National Bureau of Statistics (NBS) with a detailed report

 

According to a report published by the National Bureau of Statistics (NBS) earlier this month, China, since 1949, has undergone profound changes in its economic sector and in-demand structures, substantially promoting its economy.

According to the data, the added value of the services sector represented 52.2% of China’s total GDP in 2018, with an increase of 23.5 percentage points compared to that of 1952. 46.3% of the country’s workforce was employed in the sector tertiary sector, 37.2 percentage points more than in 1952.

 

The reform of China in the commercial structure has also made progress

 

Du Xishuang, head of the Statistical Department of Services under the NBS, said: “The service sector contributed 59.7% of China’s economic growth, 23.6 percentage points more than the secondary sector”

The growth of emerging services was facilitated thank to the updated industrial structure, together with new technologies such as e-commerce and the supply chain. For example, the country managed a total of 50.7 billion parcels expressed in 2018, an increase of 26.6% on an annual basis.

The reform of China in the commercial structure has also made progress. Primary products accounted for over 80% of Chinese exports when the country was founded. However, the percentage dropped to 5.4% and that of manufactured goods increased to 94.6% last year.

 

Consumption has contributed to the growth of the country with a very high percentage: more than 76%

 

Meanwhile, China’s consumption potential has been further released, with consumption contributing 76.2% to last year’s economic growth.

“About 140 million Chinese families enjoy annual income of between 100,000 and 500,000 yuan, which means they can afford cars, homes and leisure trips,” said Ning Jizhe, head of NBS.

 

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