Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  February 19, 2013 16:06:34

China - the key will be the development of the services sector, which is currently at the level of Japan in 1955


It is estimated that a key role in the further development of China's economy will play a particular service sector, which in its scope yet still lags behind that of the usual in developed countries. It is estimated that in the Chinese service sector in 2011 employed about 35.7% of all persons of working age. For comparison, a ratio showed Japan in 1955 and South Korea in the '60s of the last century. Interestingly in 1987 the share in Japan rose to 60% and to 65% by 1995 in the case of South Korea. In Russia and Brazil in 2009, the services sector in total employment accounted from 62 or 61%.

The Chinese government anticipates increased percentage of the end of 2015 by 4% annually.According to the IMF analysis is stronger service sector development key to more growth in domestic consumption, which in turn is a prerequisite for economic development such as the direction of the current situation in the already developed countries. For example, in the U.S. domestic consumption contributes to 90% of GDP in European countries, about 70%.

The ratio of workers in the service last year for the first time surpassed the percentage of people employed in agriculture, reaching the level of 34.8%. In the manufacturing sector employed approximately 29.5% of all workers.

According to the December statistics growing number of newly created positions in the sector of information technology and software services in Q4 yoy by 32.4%, in the production of about 9.7%, significantly increasing the number of new positions in the hospitality industry.

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