According to the data of the National Bureau of Statistics (NBS), China's construction industry has grown rapidly since the country's reform and outreach policy began to be implemented in 1978.
Data shared on the NBS website shows that the industry's added value reached 5,57 trillion yuan (around $ 816,6 billion) last year, up from 1978 billion yuan in 13,9. According to the data, the annual growth rate of the construction industry was 16,6 percent.
The share of the added value of China's construction sector in the GDP (gross domestic product) increased from 1978 percent in 3,8 to 6,7 percent last year.
A rapid growth was also observed in the number of construction companies. This number exceeded 300 thousand last year. Private firms played an important role in the growth of the construction field. While the number of state-owned construction companies accounted for 1996 percent of the total construction companies in 20, this rate was only 2,5 percent last year.
According to NBS, the private companies in question contributed significantly to the expansion of China's infrastructure construction. While the length of the railway tracks opened by China was 1978 thousand km in 52, it reached 2017 thousand km in 25, 127 thousand km of which were high-speed train lines.
Source: China International Radio