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A 50 MW molten-salt power tower in Hami, Xinjiang, China. The industrial sector comprised 38.3% of the gross domestic product (GDP) of the People's Republic of China in 2023. [1] China is the world's leading manufacturer of chemical fertilizers, cement and steel. Prior to 1978, most output was produced by state-owned enterprises.
Another trend from The Great Leap Forward, was the steady decline of those employed in the agricultural sector, as the industrial sector grew. Furthermore, as China began to rely more heavily on industrial output, the value added to the GDP by agriculture also declined, going from 70% in 1952, to 30% in 1977. [44]
Industrial sites were constructed in the north around the new steel mills at Baotou, Inner Mongolia, and in central China in Wuhan, Hubei. Industrial centers also arose in the southwest, mostly in Sichuan. In the 1950s, industrial centers in east and northeast China accounted for approximately two-thirds of total industrial output.
Factory activity in China contracted for a fifth straight month in August, adding pressure on Beijing to roll out more stimulus measures to bolster the faltering economy.
The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. [29] China is the world's second largest economy by nominal GDP and since 2017 has been the world's largest economy when measured by purchasing power parity (PPP).
At the founding of the People's Republic of China, 27.8% of the country's industrial output came from SOEs. [31]: 7 Over the 1950s, the government gradually restructured the industry under state ownership. [31]: 7 By 1956, SOEs produced more than 80% of China's industrial output. [31]: 7
Country/Economy Total GDP (USD$) Agricultural (%) Industrial (%) Service (%) Agricultural (USD$) Industrial (USD$) Service (USD$) – World 104,480
The economic history of China describes the changes and developments in China's economy from the founding of the People's Republic of China (PRC) in 1949 to the present day. The speed of China's transformation in this period from one of the poorest countries to one of the world's largest economies is unmatched in history. [1]: 11