Table 5 - uploaded by Linda Yueh
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China's economic growth over the last two decades has been truly remarkable. Averaging near double‐digit percentage growth each year, it is now the second largest economy in the world based on gross domestic product (GDP) and is expected, one day, to overtake the USA and become the largest. China's growth has been predominantly expor...
Context in source publication
Context 1
... though China is, in terms of GDP, the second largest economy in the world, low services trade largely reflects its relatively low development (low consumption), high degree of state planning (limited business services) and relatively closed and restricted financial markets. For instance, in 2009 the UK exported £43.9 billion in financial services, of which just £203 million (0.5 per cent) went to China ( Table 5). Likewise, business services exports by the UK in 2009 were £42.2 billion, of which £386 million (0.9%) went to China. ...
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Citations
This is the first study that empirically investigates the contribution that an expansion in China's emerging services sector may make to China's per capita economic growth. In addition, the study examines the spillover effects of growth in China's services sector on growth in the manufacturing sector and vice versa. The framework consists of a single structural growth equation and a simultaneous equation to measure the spillover effects. Multiple regression analysis is used to analyse data from 1994 to 2011. The empirical results indicate that an increase in exports and government spending will positively affect value-added in the services sector. The findings also indicate that the services sector has a positive influence on the growth of per capita GDP. Finally, as published studies on the contribution of the services sector to China's per capita growth are sparse, the study presents policy implications.
