How gradually there was a change towards the construction of GDP from three different sectors.
Answers
The Chinese economy has witnessed tremendous transition and growth since 1978 when Deng Xiaoping introduced China to capitalist market reforms and moved away from a centrally planned economy. The resulting growth has persisted for the last 35 years; its gross domestic product (GDP) has seen an average annual growth rate of 10.12% between 1983 and 2013, making China's economy the second-largest in the world.
China's transformation from a sleeping rural, agricultural giant to manufacturing and service sector kingpin had brought rapid infrastructure development, urbanization, rising per capita income and a big shift in the composition of its GDP.
China’s GDP is broadly contributed by three broader sectors or industries—primary industry (agriculture), secondary industry (construction and manufacturing) and tertiary industry (the service sector). As per the 2013 data, primary industry accounted for 10% of GDP, while secondary industry accounted for 44%, and tertiary industry 46%.
China is the world’s largest agricultural economy with farming, forestry, animal husbandry and fisheries accounting for approximately 10% of its GDP. This percentage is much higher than in developed countries, such as the United States, the United Kingdom, and Japan, where agriculture makes up about 1% of GDP.
The chart below shows the trend in the share of agriculture in GDP (1983-2013). Though the percentage has gradually decreased over the years, it still accounts for approximately 34% of the total employed population. Over the last seven years, the share of agriculture as part of GDP has held more or less constant at 10%.
Explanation:
The Chinese economy has got tremendous growth and growth since 1978 when Deng Xiaoping introduced China to capitalist market reforms and moved away from a centrally planned economy. The resulting growth has persisted for the last 35 years; its gross domestic product (GDP) has seen an average annual growth rate of 10.12% between 1983 and 2013, making China's economy the second-largest in the world.
China's transformation from a sleeping rural, agricultural giant to manufacturing and service sector kingpin had brought rapid infrastructure development, urbanization, rising per capita income and a big shift in the composition of its GDP.
China’s GDP is broadly contributed by three broader sectors or industries—primary industry (agriculture), secondary industry (construction and manufacturing) and tertiary industry (the service sector). As per the 2013 data, primary industry accounted for 10% of GDP, while secondary industry accounted for 44%, and tertiary industry 46%.
China is the world’s largest agricultural economy with farming, forestry, animal husbandry and fisheries accounting for approximately 10% of its GDP. This percentage is much higher than in developed countries, such as the United States, the United Kingdom, and Japan, where agriculture makes up about 1% of GDP.
The chart below shows the trend in the share of agriculture in GDP (1983-2013). Though the percentage has gradually decreased over the years, it still accounts for approximately 34% of the total employed population. Over the last seven years, the share of agriculture as part of GDP has held more or less constant at 10%.