![]() ![]() The third digit relates to office furniture and the final one completes the code to mean wood office furniture. The first two digits identify the broad industry, the third digit shows the industry category, and the fourth one identifies the specific industry sector in China.įor example, “25-2-1” (written 2521) shows the broad group as furniture and fixtures. The SIC relates specifically to classifying rather than products, and gives each industry a four-digit code. Together with the “Incoterms” these classification concepts are relatively frequently used jargon in trade.Īll industries can be broken down further in several different ways. ![]() Just enter the one that you are interested in with prefix China into Google and you will find even more information. Since a very narrow distinction leads to very long tables, the basic explanations about different industry classifications of the industry sectors in China can be found below. They cover every possible activity, but within each industry sector in China, they can be further broken down and several methods used for industry classification exist. The 3 industry sectors in China mentioned above are an extremely broad overview of different branches of economic activity. Industry Sectors China: Industry Classifications Although this industry sector in China sector is much smaller than those of first-world countries it still makes up 50.5% of the country’s GDP and employs 40% of the Chinese workforce. The growing middle class is driving growth in the service industry sector in China. ![]() In contrast to the export-driven growth, profits can be directly reinvested in the country. ![]() With more Chinese individuals having higher purchasing power, products that were once destined for the export market are now distributed locally.īy shifting to a consumption-driven economy, China’s independence on the service sector will grow. China is increasingly growing in this way as it evolves from an export-oriented economy into a consumption-driven economy. Many Western countries rely heavily on services. Many Chinese cities are hubs for the trade and industrial sectors. Substantial demand for exports, coupled with China’s government decreasing regulations, make it relatively easy for foreign investment in China’s secondary sector. China has been able to capitalize on globalization, which has simplified the procurement and logistics of goods destined for international trade. The availability of Chinese imports particularly in the electronic market has seen strong growth in the country’s economy. In the Western world, China is most famous for its secondary sector (40.5% of GDP and 30% of labor force). This change in China’s primary industry opened up international markets to China’s primary sector, allowing for an increase in exports. Through joining the World Trade Organization (WTO) in 2001, many tariffs that were placed on China’s agricultural exports were reduced or eliminated completely. Ideally, mechanization and modernization will improve this to a point where the industry sectors in China are in line with its contribution to the GDP. Efficiency in this industry is low however, with almost 30% of the Chinese workforce being employed in this sector. China’s primary sector represents 9% of China’s total GDP and also produces 20% of the world’s food. Primary Sector in ChinaĬhina has the world’s largest primary sector (currently estimated at $1.8 trillion). These Chinese primary, secondary, and tertiary industries sectors support the production and distribution of goods. Finally, there is the China tertiary sector which relates to commercial services like insurance, sales and teaching. Raw materials are transformed into components and assembled in the China secondary sector. The China secondary sector relates to the manufacturing and assembly process. Common examples are oil extraction, farming and fishing. The China primary sector involves cultivation and acquiring raw materials. ![]()
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