It was the active encouragement of private enterprise from that enabled China to kick-start the long expansionary boom that continues today. They also create most new jobs. The irresistible rise of China has implications and consequences for us all on so many levels and it largely comes down to one word: opportunity.
For Australia, and Australian businesses in particular, has there ever been an opportunity like China? Under the socialist-market model, the Chinese Government plays a direct role in managing the economy through its five-year plans that set goals, strategies and targets.
The five-year plans in the s and s focused on market-oriented reforms, while the past two five-year plans have focused on promoting more balanced growth, better wealth distribution and improved environmental protection. Economic growth, which has in recent decades been driven by export-led manufacturing, is now becoming more reliant on domestic consumption.
Manufactured products account for about The mining is among the major industries in the Chinese economy. China is the by far the largest producer of gold in the world, with the country producing about The local gold consumption in China is equivalent to 9. China is the largest coal producer in the world with a production of 3. The country has the third largest coal reserves in the world, behind the United States and Russia with some estimates claiming the reserves can sustain the country for more than a century.
The largest open-pit coal mine in China is situated in Haerwusu and has an estimated 1. Online retailing currently generates over China's Residential Real Estate industry has grown alongside its economy.
The industry is expected to grow at an annualized 5. This trend includes an expected increase of 5. In recent years, a competitive market has led to issues of speculation and inflated housing prices. As a result, the Chinese government has implemented property-purchasing and loan limitations, price restrictions, and housing tax reforms to regulate the development of the industry and limit speculation.
The government has implemented these measures on the principal that residential real estate is used for The Bridge, Tunnel and Subway Construction industry in China has been growing rapidly, driven by China's urbanization, increasing population flow, increasing traffic and demand for infrastructure, and increasing government investment.
Revenue for the industry is expected to grow at an annualized The industry includes 2, enterprises, up from 2, in , reflecting annualized growth of 5. In , the industry has an estimated 24, establishments, which employ Employment numbers are expected to grow at an The Software Development industry has grown strongly over the past five years.
Industry revenue is expected to increase at an annualized 7. This trend includes anticipated revenue growth of 7. Strong demand from downstream software users and the government, along with solid pricing, have supported the industry's performance over the past five years.
The industry's development has also been supported and encouraged by the Chinese Government, with the government instituting several policies to support the industry. The government's 13th Five-Year Plan to lists software development In , revenue for the Steel Rolling industry in China decreased by 6. Over the past five years, revenue has increased at an annualized 2. In recent years, industry operators have experienced supply surplus problems. However, long-term prospects are promising as China continues to become more urbanized and the government focuses on expanding infrastructure.
Revised figures for years before have not been provided yet. Average annual salary of an employee in China , by region. This feature is limited to our corporate solutions. Please contact us to get started with full access to dossiers, forecasts, studies and international data.
Skip to main content Try our corporate solution for free! Single Accounts Corporate Solutions Universities. The statistic shows the distribution of the workforce across economic sectors in China from to In , around Distribution of the workforce in China In , China became the largest exporting country worldwide with an export value of about two trillion U. Economic development was accompanied by a steady rise of labor costs, as well as a significant slowdown in labor force growth.
The share of workforce in agriculture also steadily decreased in China, while the agricultural gross production value displayed continuous growth, amounting to approximately 6. However, compared with developed countries, such as Japan or the United States , where The Chinese government aims to continue economic reform by moving from an emphasis on investment to consumption, among other measures. This might lead to a stronger service economy. Meanwhile, the size of the urban middle class in China is growing steadily.
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