A portrait of China’s economic transformation: from manufacturing to services

Bin Zhang, He Zhu and Jiajia Zhang

China Economic Journal, 2023, vol. 16, issue 1, 14-27

Abstract: The Chinese economy marked a turning point around 2010 to 2012, with economic growth, expenditure structure, industrial structure, and other macroeconomic indicators running counter to their earlier trends. There was a common cause behind all the changes: economic transformation from manufacturing to services. Starting with saturation in demand for manufactured goods, household consumption began to shift toward more human capital – intensive services, which led to a chain of effects in the industrial structure, slower economic growth, altered labor flows, as well as changes in the features of the business cycle. Compared with other high-income economies when they were at a similar development stage, China’s economic transformation from manufacturing to services has been the standard practice.

Date: 2023
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DOI: 10.1080/17538963.2023.2163463

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