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approve many large infrastructure projects worth of over 20 trillion RMB to boost its domestic economy. This may have explained why China was able to achieve a higher quarterly growth of GDP in the last quarter of the year compared to a steady decline of growth in the previous 11 quarters. In 2012, total industrial value-added of enterprises above the designated size rose by 10% over the same period in 2011. Among different industrial sectors by ownership, private enterprises achieved the highest growth rate at 14.6%. Foreign-funded and foreigninvested enterprises from Hong Kong, Macao and Taiwan achieved the lowest growth rate at 6.3%, reflecting a weakening of China’s external environment. During the same period, the light industrial sector grew relatively faster at 10.1% while the heavy industrial sector was at 9.9%. Meanwhile, the value-added of enterprises operating within the six energy intensive sectors was up by 9.5% while the same growth rate for enterprises in the hightech industries was much higher, at 12.2% over the same period. This in part may reflect China’s efforts to reduce its reliance on the heavy industry to achieve a more balanced economic structure.

Spatial rebalancing and restructuring was another important element in China’s efforts to reduce inter-regional inequality after the world financial crisis in 2009. In 2012, the central and western regions managed to achieve higher growth rate of industrial value-added at 11.6% and 12.8% respectively than the eastern region at 10.4%. Some provinces in the western and central regions achieved the highest growth rates of industrial value-added, including Henan and Chongqing. In contrast, some coastal provinces, such as Shanghai, Zhejiang and Guangdong, were among the slowest growing provinces in the country (Figure 3). A gradual shift in the centre of growth gravity from the east to the central and western regions has taken place from 2009 as China has been forced to reduce its dependency on exports and foreign direct investments for its fast economic expansion. The rebalancing of economic and industrial production activities from the east to the central and western regions may reduce regional inequality but it may also have a detrimental effect on the numerous small and medium sized enterprises in the coastal region which have depended on cheap migrant labour from the inland areas. For these enterprises to survive and grow, they have to become more innovative and technologically competitiveness. more advanced and efficient to maintain their international。

International Trade Foreign trade has been one of three most important drivers of economic growth for more than two decades. The other two drivers are investment, domestic and foreign, and domestic consumption. Due to the double-dip, or even triple-dip, recession in many members of the EU and the sluggish recovery of the US and Japanese economies, China only achieved a growth rate of 6.2% of foreign trade in 2012, compared to 22.5% in 2011 and 34.3% in 2010. Nevertheless, such figure has already made China surpass the US to become the world’s largest trading nation in goods.2 In 2012, China’s total volume of trade was $3.87 trillion, edging past the $3.82 trillion of trade in goods recorded by the US Commerce Department. Total trade surplus, however, rose by 49% from $155 billion in 2011 to $231 billion. The trade surplus was largely achieved during the last quarter of the year,本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。