Chinese tertiary industry soars in 2013
Economic numbers from China’s tertiary industries have exceeded those of the country’s secondary industries for the first time in 30 years.
Tertiary industries include things like the service sector.
The new numbers suggest a change in direction for the Chinese economy, including a stronger focus on enforcement in tertiary sectors.
NBS Commissioner Ma Jiantang says those sectors combined to make up more than 46% of China’s economy last year.
NBS spokesperson Sheng Laiyun says researchers are now trying to figure out whether the emergence of the tertiary market last year is a trend, or just a blip.
He states that he believes the change is the result of years of policy changes and adjustments, affecting business structure and development.
Chen Fengying, director of the Institute of World Economic Studies, says changes in the Chinese economy fit nicely with current global trends.
“The world economy has experienced a downturn in the past few years, China has seen a decline in its exports in the past two years. China cannot rely on exports alone; it must stimulate domestic consumption as well. The rise in its tertiary sectors is a success for the central government and its policies regarding economic transformation.”
Lu Zhengwei, chief economist at Industrial Bank, says e-commerce is one result of the transformation in economic structure.
“New shopping habits and powers have emerged, such as the young generations’ shopping online; 2013 has seen a significant rise in e-commerce. This is different from the trend in commodity sales and it shows the power the young generation has in e-commerce.”
As a manufacturing power traditionally, China’s secondary industry faces new challenges.
Chen Fengying says that China stills needs it to create more jobs and boost the economy.