![]() In these, as in most other areas of industry, however, innovation has generally suffered at the hands of a system that has rewarded increases in gross output rather than improvements in variety, sophistication and quality. These two areas now account for about 20–30 percent of the total gross value of industrial output. Among the various industrial branches the machine-building and metallurgical industries have received the highest priority. Since the founding of the People's Republic, industrial development has been given considerable attention. In recent years, authorities have been giving greater attention to the management of state assets-both in the financial market as well as among state-owned-enterprises-and progress has been noteworthy. The state-owned sector still accounts for about 40% of GDP. Its strength as an export platform has contributed to incomes and employment in China. China has become a preferred destination for the relocation of global manufacturing facilities. Major industries include mining and ore processing iron and steel aluminium coal machinery armaments textiles and apparel petroleum cement chemical fertilizers food processing automobiles and other transportation equipment including rail cars and locomotives, ships, and aircraft consumer products including footwear, toys, and electronics telecommunications and information technology. China ranks first worldwide in industrial output. Industry and construction account for about 48% of China's GDP. Main article: Industrial history of China This requirement followed mass public protests in some locations for planned projects or expansions. In November, 2012 the State Council of the People's Republic of China mandated a "social risk assessment" for all major industrial projects. By 2002 the share in gross industrial output by state-owned and state-holding industries had decreased with the state-run enterprises themselves accounting for 46 percent of China's industrial output. As a result of the economic reforms that followed, there was a significant increase in production by enterprises sponsored by local governments, especially townships and villages, and, increasingly, by private entrepreneurs and foreign investors, but by 1990 the state sector accounted for about 70 percent of output. Prior to 1978, most output was produced by state-owned enterprises. Ĭhina is the world's leading manufacturer of chemical fertilizers, cement, and steel. The manufacturing sector produced 44.1 percent of GDP in 2004 and accounted for 11.3 percent of total employment in 2006. In 2015, the manufacturing industrial sectors contributed to 40% of China's GDP. In 2007, industry (including mining, manufacturing, construction, and power) contributed 46.7 percent of GDP in 2010 and occupied 27 percent of the workforce. Industry was 39.9% of China's gross domestic product ( GDP) in 2017. In the last few weeks, the central government has cut quarantine times and eased some Covid prevention measures.īut different parts of China have had to reinstate Covid controls as new cases spike.Industrial plants, causing air pollution, near the Yangtze River. Strict stay home orders hit the metropolis of Shanghai for about two months, while travel restrictions contributed to supply chain disruptions.īy early June, Shanghai, Beijing and other parts of China were on their way to resuming normal business activity. In the second quarter, mainland China faced its worst Covid outbreak since the height of the pandemic in early 2020. Fu added that there are "challenges" to achieving the full-year economic targets. He described the impact of Covid as "short-lived," and emphasized how China's inflation is far below that of the U.S. The bureau also noted the rising " risk of stagflation in the world economy" and tightening monetary policy overseas.Īt a press conference Friday, statistics bureau spokesperson Fu Linghui said economic indicators in the second quarter halted a downward trend. ![]() The statistics bureau described the latest economic results as "hard-earned achievements" but warned about the "lingering" impact of Covid and "shrinking demand" at home.
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