The Transition And Opening Up And Growth Of The Service Sector Of China

2606 WordsJun 25, 201511 Pages
Group A Studies on China Economy Victor Alberto Han Zou 2014059013 The Transition and Opening up and Growth of the Service Sector of China Abstract The objective of this paper is to show the transition of China from an economy dominated by the manufacturing to a more stable economy dominated by services. In recent years, many people were thinking about why the GDP (gross domestic product) of China has drop drastically from 11% to 7%. Well, that is an intentional cooling down that the country is doing to make the transition from industrial to service sector also known as tertiary industry . Through many years, the industrial sector was the one that contributed more to the GDP of the country; but now, China is changing this to a more stable and sustainable economy by opening up its service sector and the 12th Five-Year Plan of China (2011-2015) is helping to accomplish this task. In 2013, for the first time of the history the service sector overpass the industrial sector in the contribution to the GDP. Key words: Transition, Gross Domestic Product, Industrial Sector, Tertiary Industry, and Sustainable Economy. I. Introduction Since 1978 when Deng Xiaoping took away the centrally planned economy and introduced the capitalistic market reform, China has witnessed tremendous transitions and growth. This tremendous growth lasted for 30 years. Between 1983 and 2013, the GDP of China has an annual grow of 10.2%. Also, China has transformed from a sleeping rural, to a giant
Open Document