Recalculating the Significance of Secondary and Tertiary Industries for Industrial Restructuring: Truth and Myth*

Li Gang 1, Liao Jianhui 2 and Xiang Yini1
1Institute of Industrial Economics of Chinese Academy of Social Science, Beijing, China
2Department of Resources of Beijing Normal University, Beijing, China

 
Abstract: By analyzing the efficiency, supply and demand of the three industries, and the foreign trade of developed countries, this paper argues: the ever-increasing proportion of the tertiary industry in developed countries has not yet proved that tertiary industry is the direction of industrial advance nor the tertiary industry is superior over the secondary industry. By estimating China’s industrial structure with PPP-based industrial data, this paper argues that the proportion of China’s secondary industry in its GDP is not as high as expected. China will still rely on its secondary industry for further growth because China’s labor-intensive industries still possess the most comparative advantage and global competitiveness.
Key words: industrial upgrading, industrial structure, competitiveness

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