The construction industry is in full swing in China as a wave of new apprenticeships have lifted many thousands of construction workers into the middle class.
The construction industry has experienced a revival in recent years, boosted by an influx of new graduates from a wave that began in the 1990s, and the advent of cheap, modern and plentiful electricity in China’s big cities.
With a population of roughly 13.5 billion, China has the second-highest per capita GDP in the world behind the United States, according to a new report by the Beijing-based International Monetary Fund.
China also ranks fifth in the global GDP growth rankings, behind only Japan and the United Kingdom.
It also is the largest economy in Asia.
The number of construction apprenticeship placements has nearly tripled over the past decade, rising from more than 1.2 million in 2014 to 2.1 million in 2020, according the World Economic Forum.
The growth of the construction industry also has been a boon for the nation’s booming stock market, with the Shanghai Composite Index soaring more than 11 percent in 2017 and topping 10,000 for the first time since 2009.
China’s economy grew 8.9 percent last year, the biggest annual growth rate since 2011.
The government is also boosting investment, with new government incentives to attract more foreign investment and more than 4.6 billion yuan ($7.9 billion) in infrastructure spending, according a statement from the government.
The country also is boosting infrastructure spending to develop a long-term plan to create millions of jobs, boost exports and attract more international investment.
The Shanghai Composite is the world’s biggest stock market index, and it is the benchmark for foreign investors to compare China’s performance to.
China has overtaken Japan to become the world leader in global markets for both the stock market and commodity markets, according.
The development of China’s high-tech sector has also helped lift the economy.
The country has the third-largest number of startups in the United Nations Economic Commission for Asia and the Pacific, behind South Korea and Singapore.
It is home to some of the world´s top software companies.
China’s high tech sector, which employs more than a quarter of the workforce, has created more than 2 million jobs since the beginning of 2020, with most of those in the manufacturing sector, according government data.
More than half of all jobs created by the sector were in high-end, high-technology industries, such as software development, manufacturing, information technology and the financial services sector.
China has been building the countrys tallest skyscrapers, which is now the world�s tallest building, according an article in Bloomberg Businessweek.
The economy grew by 7.7 percent last quarter, with output expanding 3.7% in 2020.
But China is also facing slowing demand in the financial sector.
The financial sector is a major source of the nations economic growth and has been hit hard by the global financial crisis and the yuan devaluation.