BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/29
As economic emphases change, China is moving gradually from an export- and investment-driven growth model to growth based on the service sector and domestic consumption. In 2013, the service sector generated for the first time a larger share of GDP than manufacturing. In the first half of 2015, the service sector accounted for half of GDP.
The World Bank latest China Economic Update finds China has made progress in its attempts at economic reform. As growth slows in China, the assessment noted that reforms of the financial sector will require special focus, so that financing will be channelled to sectors that are capable of sustaining growth over the longer term. The World Bank continues to hold the view of continued modest slowing of Chinese economic growth.
Structure of Chinese GDP
Sources: CEIC, Macrobond