China’s Tech Sector May Rival Property as Growth Driver, BE Says
- High tech sector could drive demand worth 19% of GDP by 2026
- Beijing is steering economic transition away from real estate
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China’s high-tech sector is driving an increasing amount of demand for goods and services in the world’s second-biggest economy, and its contribution could rival real estate by 2026, according to Bloomberg Economics.
“The high tech sector has potential to become a much more significant source of growth,” economists Chang Shu and Eric Zhu wrote in a report. It’s estimated to drive demand worth nearly 19% of GDP by 2026, up from 14.3% last year, and almost on par with the property sector now.