Volume 2(2013)

PAGE 6/15
Table 2 Trade dependence as a % of GDP

Sources) Estirratcd from IMF,World Economic Outlook Database, April 2012 and WTO, World Trade Report 2012.

Also in respect of industrial structure diversity, the Chinese economy has a distorted structure with a high manufacturing ratio. Together with the sectors likely to be affected by international transactions such as mining and finance, these sectors account for nearly half of GDP (refer to Fig.5).

On the other hand, for example, the U.S. economy has relatively strong structure against the shock from external economies that has been developed with diversity, especially with service industries unlikely to be affected directly by international transactions.

Fig.3 GDP by industry value added

Actually, seeing the contribution share in GDP growth rate of China by demand for the last 30 years, net export has been the most destabilizing and turbulent factor (refer to Fig.6). In sum, the Chinese economy has the structure with relatively high external vulnerability.