China and the United States are two of the largest in the worldEconomyThe comparison of the proportion of GDP has always attracted much attention. fromWorld BankJudging from the published data, from 2022 to the first three quarters of 2023,China's GDPOccupyU.S. GDPThe ratio fell from 70 to 64, and the GDP gap between China and the United States widened. However, the widening gap is not entirely due to ChinaEconomyThe slowdown in the rate of growth, in fact, is ChinaEconomyGrowth is still much faster than that of the United States.
First, we need to focus on the difference between nominal and real growth. In 2023, for example, China's GDP will grow by 5% year-on-year2, while the GDP of the United States increased by 2 year-on-year5, significantly lower than China's growth. However, the United StatesInflation ratemuch higher than in China, resulting in a decrease in the real purchasing power of the dollar, whileRMBThe momentum of the ongoing depreciation is reversing, making theChina's GDPThe value converted into dollars actually has an advantage. Therefore, from this perspective, the widening of the GDP gap between China and the United States is not caused by ChinaEconomySlowing growth.
Second, we need to consider the differences in the GDP composition of the two countries. China and the United StatesEconomyThe structure is quite different. toPrimary sectorIn the secondary sector, for example, China occupies a clear leading position. ChinesePrimary sector(agriculture, forestry, animal husbandry and fishery) accounts for 8 percent of GDP, while the United StatesPrimary sectorThe specific gravity is only 11％。Similarly, China's manufacturing sector accounts for 27 percent of GDP, while the U.S. manufacturing sector accounts for only about 10 percent. If the manufacturing industry is actualValue addedMultiply by the GDP weight, we can calculate:Manufacturing in ChinaGDP is 1 of the United States94 times. It can be said that China's physical manufacturing industry is the support of our countryEconomyan important pillar.
However, the gap between China and the United States is mainly concentrated in the tertiary sector. The tertiary industry accounts for more than 80% of GDP in the United States, of which private consumption accounts for 68% of GDP, as high as 17$3 trillion. In contrast, China's consumption of services is relatively low. For example, in the United States, housing consumption is occupied by property services, maintenance services, and virtual rents, as well as spending on finance, insurance, and medical servicesU.S. GDPa significant share. In addition,Culture and entertainment, sports, catering and other industries have also created 42 GDP weight, which is relatively low in China.
However, recent data shows that the proportion of service consumption in China is gradually increasing. As the futureEconomyThe focus of growth is that the service sector will gradually make up for ChinaEconomyThe shortcomings. As we can see, from the wholeEconomyFrom a structural point of view, China's manufacturing industryThe real economyIt's a supportEconomyThe main factor for growth, while the U.S. is dominated by services consumption. Therefore, it is not China that has narrowed this gapEconomyThe growth rate is lower, but ChinaEconomyStructural adjustment and increase in the proportion of service consumption.
AmericanInflation rateGradually declining, the contribution to GDP in the future will decrease. At the same time, withRMBthe appreciation of the dollar and the depreciation of the dollarChina's GDPThe advantages in US dollar conversion will be further strengthened. In addition, with the development of China's service sector and the transformation of consumption patterns, we are expected to make up for the shortcomings in the service sector and further increase the share of GDP. Therefore, although the GDP gap between China and the United States has widened somewhat, there is still a chance for us to counterattack and surpass it in the future.
China occupies an important position in the world's manufacturing sector, and the proportion of manufacturing GDP is higher than that of the United States. This means that China has a great advantage in the technical level, production capacity and competitiveness of the manufacturing industry. With the continuous expansion of the domestic market and the promotion of technological innovation,Manufacturing in ChinaIt is expected to play a greater role on the global stage.
Although China's service industry is relatively weak at the current stage, with the improvement of people's income level and the transformation of consumption structure, the development potential of the service industry is huge. Especially in tourism, finance,Culture and entertainmentChina's service industry has a lot of room for improvement. We can increase investment in the service industry, cultivate more excellent service industry talents, improve service quality, and attract more consumers.
With the increase of residents' income, the consumption concept and consumption Xi of Chinese consumers are changing. People's requirements for quality of life are getting higher and higher, and consumption upgrading has become a trend. This means that consumers are willing to pay for higher-quality, more personalized products and services. Therefore, Chinese companies can improve their ability to improve their quality by providing high-quality,High added valueproducts and services to meet the needs of consumers and achieve higherProfitsand faster growth.
ChineseEconomyDevelopment is still facingTechnologyThe challenge of innovation. Although we have made certain breakthroughs in some fields, compared with developed countries, we still have a large gap in the field of core technology and high-end manufacturing. To be realizedEconomyThe high-quality development we need to be inTechnologyIn terms of innovation, we will increase investment, strengthen independent research and development capabilities, and promoteTechnologywithEconomyDeep integration.
China's GDP development is inevitably affected by the external environment. International ** friction, globalEconomyChanges in the situation and so on may be for ChinaEconomyGrowth adversely affected. Therefore, we need to keep a close eye on the worldEconomychanges in the situation, timely take countermeasures, maintainEconomyStable development.
China and the United StatesEconomyThe change in relations is both an opportunity and a challenge for China. Although the GDP gap between China and the United States has widened somewhat, we should not be overly worried, but should actively look for breakthroughs and development opportunities. First of all, we should increase support and investment in the manufacturing industry to further improveManufacturing in Chinato ensure China's position in the global value chain. Second, we need to strengthen the development and innovation of the service industry, improve the quality and level of services, and meet the needs of consumers. At the same time,TechnologyInnovation is also an important way for us to achieve transcendence, and we should increase itTechnologySupport and investment in innovation to improve independent research and development capabilities. Finally, we need to pay close attention to changes in the external environment and adjust our development strategies in a timely manner to ensureEconomyStable development.
In general, China and the United StatesEconomyThe change in relations has brought some challenges to China, but it has also provided many opportunities. We should be good at seizing opportunities, actively responding to challenges, and implementing themReform and innovationand strengthen the development of manufacturing, service and other fields, and accelerate the transformationEconomydevelopment mode andEconomystructure, driving ChinaEconomySustainable and healthy development. Only in this way will we be able to realize China and the United StatesEconomyThe balanced development of the relationship is realizedEconomyof high-quality growth.