The Sectoral Composition of the Economy of the People's Republic of China: Development Priorities and Dynamics of Changes

Nowadays China is undergoing an economic restructuring, this process is characterized by capital reallocation, income redistribution, institutional transformations and so on. One of the key element of economic restructuring is structural changes which arise as a result of goal-oriented government policy aiming at the optimization of industrial structure, as well as in response to internal factors, such as the increase in the income of the population, the urbanization and so on. This paper investigates the process of structural changes in the Chinese economy and the strategy of structural transformation. The purpose of the study is to identify main priorities of economic development and determine and major factors which influence structural shifts, as well as key stages of industrial structure optimization. In this study we employed quantitative and qualitative methods. The results of the study consist in determining of main priorities and stages of economic optimization, as well as evaluating of key factors influencing the process of structural changes.