According to preliminary figures, the growth of real gross domestic product (GDP) in China amounted to 5.0 percent in 2024. For 2025, the IMF expects a GDP growth rate of around 3.95 percent. Real GDP growth The current gross domestic product is an important indicator of the economic strength of a country. It refers to the total market value of all goods and services that are produced within a country per year. When analyzing year-on-year changes, the current GDP is adjusted for inflation, thus making it constant. Real GDP growth is regarded as a key indicator for economic growth as it incorporates constant GDP figures. As of 2024, China was among the leading countries with the largest gross domestic product worldwide, second only to the United States which had a GDP volume of almost 29.2 trillion U.S. dollars. The Chinese GDP has shown remarkable growth over the past years. Upon closer examination of the distribution of GDP across economic sectors, a gradual shift from an economy heavily based on industrial production towards an economy focused on services becomes visible, with the service industry outpacing the manufacturing sector in terms of GDP contribution. Key indicator balance of trade Another important indicator for economic assessment is the balance of trade, which measures the relationship between imports and exports of a nation. As an economy heavily reliant on manufacturing and industrial production, China has reached a trade surplus over the last decade, with a total trade balance of around 992 billion U.S. dollars in 2024.

In 2024, the gross domestic product (GDP) of China amounted to around 18.7 trillion U.S. dollars. In comparison to the GDP of the other BRIC countries India, Russia and Brazil, China came first that year and second in the world GDP ranking. The stagnation of China's GDP in U.S. dollar terms in 2022 and 2023 was mainly due to the appreciation of the U.S. dollar. China's real GDP growth was 3.1 percent in 2022 and 5.4 percent in 2023. In 2024, per capita GDP in China reached around 13,300 U.S. dollars. Economic performance in China Gross domestic product (GDP) is a primary economic indicator. It measures the total value of all goods and services produced in an economy over a certain time period. China's economy used to grow quickly in the past, but the growth rate of China’s real GDP gradually slowed down in recent years, and year-on-year GDP growth is forecasted to range at only around four percent in the years after 2024. Since 2010, China has been the world’s second-largest economy, surpassing Japan.China’s emergence in the world’s economy has a lot to do with its status as the ‘world’s factory’. Since 2013, China is the largest export country in the world. Some argue that it is partly due to the undervalued Chinese currency. The Big Mac Index, a simplified and informal way to measure the purchasing power parity between different currencies, indicates that the Chinese currency yuan was roughly undervalued by 38 percent in 2024. GDP development Although the impressive economic development in China has led millions of people out of poverty, China is still not in the league of industrialized countries on the per capita basis. To name one example, the U.S. per capita economic output was more than six times as large as in China in 2024. Meanwhile, the Chinese society faces increased income disparities. The Gini coefficient of China, a widely used indicator of economic inequality, has been larger than 0.45 over the last decade, whereas 0.40 is the warning level for social unrest.

Chinese Domestic Databases Market Outlook

The Chinese Domestic Databases market size is set for robust growth, projected to grow from USD 2 billion in 2023 to USD 6.5 billion by 2032, reflecting an impressive CAGR of 13.5%. This growth is driven by the increasing demand for data sovereignty, technological advancements, and regulatory support from the Chinese government. The market is primed for expansion, propelled by factors such as the burgeoning digital economy, increased cloud adoption, and the strategic focus on indigenous technological advancements.

One of the primary growth factors for the Chinese Domestic Databases market is the increasing emphasis on data sovereignty and security. With the Chinese government imposing stringent regulations on data storage and management, domestic companies are compelled to utilize local databases to ensure compliance. This has created a favorable environment for the growth of domestic database providers who are tailored to meet these unique requirements. Additionally, the rise in cyber threats has further driven the need for secure and reliable database solutions, contributing significantly to market growth.

Technological advancements and innovation within the database industry are also pivotal growth drivers. The rapid development of Artificial Intelligence (AI) and Machine Learning (ML) technologies has allowed for more efficient and intelligent database management systems. Innovations in data handling, processing speed, and storage capabilities provide a significant competitive edge to domestic databases over international counterparts. Furthermore, the integration of AI and ML with databases enables advanced analytics and insights, helping businesses make more informed decisions, thus driving the market forward.

The digital transformation across various sectors in China has also fueled the demand for robust database solutions. Sectors such as finance, healthcare, and retail are increasingly relying on digital platforms for their operations, necessitating sophisticated and reliable databases to manage vast amounts of data. The push towards a digital economy by the Chinese government, coupled with initiatives like the "New Infrastructure" program, which focuses on the development of digital infrastructure including big data centers, has significantly boosted the demand for domestic databases.

Regionally, East China dominates the market due to the presence of major economic hubs like Shanghai and Hangzhou, which are home to numerous technology companies and data centers. North China, with Beijing as its central hub, also plays a significant role in the market due to the concentration of governmental bodies and financial institutions that demand secure and compliant database solutions. South China, particularly Shenzhen, is another critical region, given its prominence as a technology and innovation hub. Central China and other regions are gradually catching up as investments in digital infrastructure spread across the country. Overall, the regional dynamics of the Chinese Domestic Databases market present a diverse and rapidly evolving landscape.

Type Analysis

The Chinese Domestic Databases market comprises various types, including Relational Databases, NoSQL Databases, NewSQL Databases, and others. Relational Databases have been the cornerstone of the database industry for decades, offering structured data storage and easy retrieval through SQL queries. Despite their age, they remain highly relevant due to their robustness, reliability, and the vast ecosystems that have developed around them. In China, relational databases continue to be widely adopted across various industries, particularly in sectors like finance and government, where data accuracy and consistency are paramount.

NoSQL Databases have gained significant traction in recent years due to their flexibility, scalability, and ability to handle unstructured data. Unlike traditional relational databases, NoSQL databases can seamlessly manage large volumes of diverse data types, making them ideal for applications in big data and real-time web applications. In China, the adoption of NoSQL databases is particularly prominent in the e-commerce and social media sectors, where the ability to scale out horizontally and handle high-velocity data is crucial.

NewSQL Databases represent a hybrid approach that combines the best features of traditional relational databases and NoSQL databases. They offer the scalability and flexibility of NoSQL while maintaining the ACID (Atomicity, Consistency, Isolation, Durability) prope

With the rapid development of China’s economy, increasing Chinese companies have acquired international technology resources, improved production efficiency, opened up international markets through international mergers and acquisitions, and realized the expansion of enterprises in the global capitalist market. Especially in recent years, the rapid development of international mergers and acquisitions of Chinese enterprises, as well as the increasingly frequent activity in the international market, makes the performance of international mergers and acquisitions become the focus of attention of enterprises, and also increasingly become a focus of scholars. Although the human capital structure of enterprises as an internal factor of enterprises has been studied by most scholars. However, in the existing literature, more studies focus on the impact of corporate human capital structure on corporate performance, while the impact of human capital on international M&A performance is not sufficient. The performance of international mergers and acquisitions is relatively a more complex factor, which is influenced by more factors and has higher research value. Based on the performance of international mergers and acquisitions, this paper explores how the human capital structure of enterprises can play a role in improving the competitiveness of enterprises under the background of economic globalization, so as to provide reference for enterprises to gain competitive advantage in the international market. This study selects Chinese listed companies with international mergers and acquisitions from 2008 to 2015 as research samples, and empirically analyzed the relationship between corporate human capital structure and international M&A performance. The four conclusions obtained are as follows: (1) Employee compensation, employee education level and employee technical personnel ratio are significantly positively correlated with the company’s international M&A performance; (2) Enterprise training in both short-term and long-term. Neither of them has a important impact on the company’s international M&A performance; (3) Employee turnover has a critical negative impact on the company’s international M&A performance; (4) After introducing cultural differences as a regulatory variable, it is found that cultural differences can weaken the impact of human capital factors on the performance of international M&A. Finally, this paper puts forward suggestions on how to better utilize the human capital advantages of the company in the global economic background with the intention of improving the performance of international M&A.

China's digital economy has been growing rapidly in recent years. In 2023, the economy reached a size of nearly ** trillion yuan, registering a nominal year-on-year growth of **** percent, much higher than the country's nominal GDP growth at *** percent. The digital economy accounted for around ** percent of China's GDP.

ABSTRACT This article seeks to show two interconnected phenomena in China. The first is a historical process that took place in the past 40 years involving institutional and qualitative changes in the state-controlled portion of the Chinese economy. Such changes have brought about new and superior forms of economic planning, based on which a higher stage of development pattern has emerged. We call this new development pattern "New Projectment Economy" and it synthesizes a series of state capacities built over time. The second phenomenon relates to how the state capacities created in the past decades have allowed the country to show adaptive flexibility and rapid efficiency in the containment of Covid-19 crisis internally and thus explain China's successful response in the fight against the coronavirus. Such phenomena, pari passu, show China's potential and projection as an international political actor.

In 2024, China’s level of total investment reached around 40.4 percent of the gross domestic product (GDP). This value is expected to remain stable in 2025 and increase slightly in the following years. Final consumption accounted for 55.7 percent in 2023. International comparison of total investments The GDP of a country can be calculated by the expenditure approach, which sums up final consumption (private and public), total investment, and net exports. The ratio of consumption to investment may vary greatly between different countries.Matured economies normally consume a larger share of their economic output. In the U.S. and many European countries, total investment ranges roughly at only 20 to 25 percent of the GDP. In comparison, some emerging economies reached levels of 30 to 40 percent of investment during times of rapid economic development. Level of total investment in China China is among the countries that spend the highest share of their GDP on investments. Between 1980 and 2000, 30 to 40 percent of its economic output were invested, roughly on par with South Korea or Japan. While the latter’s investment spending ratio decreased in later years, China’s even grew, especially after the global financial crisis, peaking at staggering 47 percent of GDP in 2011.However, returns on those investments declined year by year, indicated by lower GDP growth rates. This resulted in a quickly growing debt burden, which reached nearly 285 percent of the GDP in 2023, up from only 135 percent in 2008. The Chinese government defined the goal to shift to consumption driven growth, but the transformation takes longer than expected.

In recent years, lifestyle changes and reduced leisure time have contributed to a consumer shift from traditional full-service restaurants toward fast-food establishments. In addition, increased Western influences in China have boosted demand for fast food. Due to the rapid development of fast-food service providers, improvements in chain store and franchising management, and new brands and food styles, industry growth has been strong over the past decade.ACMR-IBISWorld estimates that the Fast-Food Restaurants industry in China will generate $176.3 billion in 2023. Revenue is expected to increase by 7.2% in 2023 as the industry recovers from the COVID-19 outbreak. Industry revenue is expected to grow at an annualized 1.0% over the five years through 2023.There are about 2.5 million fast food restaurant locations (i.e., establishments) operating in the industry in 2023, including franchise and chain operators of all sizes and independent Chinese-style fast-food facilities throughout the country. Most industry enterprises are small, independent facilities that offer traditional Chinese-style fast food. Fast-food restaurants employ about 11.4 million people who collectively receive an estimated $32.9 billion in wages.ACMR-IBISWorld forecasts that industry revenue will increase at an annualized 6.1% over the five years through 2028, to reach $237.5 billion. Competition is forecast to intensify, especially in regions with well-developed fast-food markets. Increased competition will encourage players to look for new opportunities in less-developed regions. Chain operations will continue spreading from east to west, and from tier one and two to tier three and four cities. Industry concentration is anticipated to increase only slightly over the next five years. In addition, more industry enterprises are likely to enter China's Top 100 catering enterprises list over the period.

The Software Development industry has grown strongly over the past five years. Industry revenue is expected to increase at an annualized 8.5% over the five years through 2025, to $675.2 billion. This trend includes anticipated revenue growth of 6.5% in the current year. Strong demand from downstream software users and the government, along with solid pricing, have supported the industry's performance over the past five years.The industry's development has also been supported and encouraged by the Chinese Government, with the government instituting several policies to support the industry. The government's 14th Five-Year Plan (2021 to 2025) listed software development as a key component, with the government encouraging innovative, technology-based reforms. This plan had supported the software industry's continued growth.Profit is expected to account for 12.5% of industry revenue in 2025. Industry profit has decreased in recent years due to the intensified market competition, technological progress and standardization, changes in customer demand, rising labor costs, the popularity of open source and free software, accelerated technological iteration, etc.China's software exports have been volatile, mainly due to changes in the international environment and the impact of adjustments in the overseas market focus of Chinese software companies. In the past five years to 2025, industry exports are expected to decrease at an average rate of 1.4%, to $71.5 billion, and representing 7.7% of industry revenue in 2025.Government assistance and improving technology are forecast to support the industry's continued strong development over the next five years. In addition, domestic software will further accelerate the replacement of foreign software with the improving technological capabilities of domestic software developers. Industry revenue is projected to increase at an annualized 6.5% over the five years through 2030, to $926.2 billion.

The IT Services industry in China has performed well over the past five years, due to the application of new technologies, like cloud computing, big data, AI and the Internet of Things. The growth in IT investment and of China's information sector has boosted industry demand. Industry revenue is expected to grow at an annualized 8.2% over the five years through 2025, to total $448.2 billion. This trend includes anticipated growth of 3.0% in the current year.Industry revenue increased slower in 2022, mainly because the aggravated COVID-19 epidemic in the year has led to delays in project delivery. Reduced budget from government customers also resulted in weaker industry demand, due to the large expenditures on the protection and control measures.Although the IT services industry in China is still relatively new, it has been expanding quickly. The Chinses Government attaches great importance on the development of information sector, which stimulated the demand for IT services. Strong government supports on digital economy and the construction of digital China have created a favorable condition for the development of the industry and will increase the demand for IT services.The industry's outsourcing and offshoring service segment experienced the stable growth over the past five years, boosted by government support. Industry exports will increase at an average rate of 4.5% in the five years to 2025. Exports as a share of industry revenue is expected to total 4.1% in 2025.Industry revenue is forecast to grow at an annualized 4.0% over the five years through 2030, to total $546.5 billion. The recovery of Chinese economy, the improvement of IT equipment and software technologies and the accelerated digital transformation in both government and private sectors are anticipated to remain the most important drivers for the industry's development. New technologies, like cloud computing, big data, AI and the Internet of Things, will also continue to motivate industry development.The industry is highly fragmented and has a low concentration level. The top four participants will jointly account for 2.1% of industry revenue in 2025. Industry concentration level is forecast to increase over the next five years, as large IT services firms acquire smaller local providers to gain market share in the growing small- and medium-sized business market segment.

This project will examine how the development of technological capability in Chinese firms is affected by the type of ownership and by the structures of corporate governance. The rapid development of China's economy since 1980 has not been matched by that of technological capability in Chinese firms. This already counts as failure for Chinese industrial policy and could in future undermine China's economic growth. Work by the principal applicant in and on Europe has shown how corporate governance affects technological development; it has been extended and adapted to China in a pilot study of mobile telecoms. It appears that while private firms are handicapped by finance, state-owned firms are held back by corporate governance. Work by the co-applicant in Britain and China has shown how lower-level employees can contribute to developing technological capability. This project will build on the work of both. It will focus mainly on electronics (including telecoms) and begin with about seven case studies of firms of different ownership types, based mainly on semi-structured interviews at different levels of the firm, followed by questionnaires addressed to senior managers in a sample of about 200 firms. Tsinghua University's Department of Technology Economics and Management will collaborate. Questionnaire Survey

With the rapid development of Chinese cities, dramatic changes have occurred in the urban living environment. In recent years, the global pandemic of COVID-19 has brought new challenges to the construction of urban human settlements . The principle of urban resilience is introduced into the study of urban human settlements, and a systematic evaluation model of urban human settlements’ resilience is constructed. The level of urban human settlements’ resilience can directly reflect the ability of human settlements to cope with various effects that are closely related to sustainable urban development. In view of the incomplete data of Hong Kong, Macao and Taiwan, this paper selects 31 other provinces (municipalities and autonomous regions) in China as the research object. The research time period is 2011–2020. To ensure the scientificity and accuracy of the data, the data are obtained from ‘China Statistical Yearbook’, ‘China Statistical Yearbook on Environment’, ‘China Statistical Yearbook on Population and Employment’, ‘China City Statistical Yearbook’ and statistical yearbooks of each province from 2012 to 2021. Some missing data are supplemented by interpolation.

Chinese E-Learning Market Outlook

The global e-learning market size was valued at approximately USD 250 billion in 2023 and is expected to reach around USD 900 billion by 2032, growing at a CAGR of about 15% from 2024 to 2032. One of the main growth factors driving this market is the increasing penetration of the internet and smartphones, which has made online education more accessible to a broader audience. Another significant factor is the growing need for continuous learning and skill enhancement in a rapidly changing job market.

The Chinese e-learning market is experiencing substantial growth, driven by several key factors. Firstly, the Chinese government has been heavily investing in education technology to improve the quality and accessibility of education across the country. This has led to the development of various online platforms and resources that cater to students of all ages. Moreover, the COVID-19 pandemic has accelerated the adoption of e-learning solutions, as schools and universities had to switch to online modes of education. This situation has familiarized a large portion of the population with e-learning, leading to sustained demand even after the pandemic has subsided.

Another critical growth factor is the increasing popularity of lifelong learning and professional development. With the job market becoming more competitive, professionals are seeking ways to upskill and reskill themselves, and e-learning provides a convenient and flexible solution. Additionally, the rise of digital technologies like artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) are enhancing the e-learning experience, making it more interactive and engaging. These technologies are not only improving the quality of online education but also attracting more users to these platforms.

The growing middle-class population in China is also contributing to the rise in demand for e-learning. As disposable incomes increase, more families are willing to invest in quality education for their children. E-learning platforms offer a wide range of courses and subjects that are often not available in traditional educational settings, providing more opportunities for students to learn and excel. Additionally, e-learning platforms are becoming increasingly affordable, making them accessible to a broader audience.

In recent years, Online Education Technology has become a cornerstone of the e-learning industry, significantly transforming how educational content is delivered and consumed. This technology encompasses a wide range of tools and platforms that facilitate the creation, distribution, and management of online courses. It enables educators to design interactive and engaging learning experiences that can be accessed by students anytime and anywhere. The integration of advanced technologies such as artificial intelligence and machine learning into online education platforms is further enhancing the personalization of learning, allowing for tailored educational experiences that cater to individual learning styles and needs. As a result, Online Education Technology is not only making education more accessible but also more effective, driving the growth of the e-learning market in China and beyond.

From a regional perspective, Asia Pacific is the largest market for e-learning, with China being a significant contributor. The high population density and the increasing number of internet users make the region a fertile ground for e-learning platforms. The Chinese government's initiatives to promote digital education further bolster this growth. However, North America and Europe are also witnessing substantial growth in the e-learning market, driven by technological advancements and the need for continuous professional development.

Product Type Analysis

The Chinese e-learning market is segmented by product type, including online courses, e-books, mobile learning, virtual classrooms, and others. Online courses are one of the most popular segments, as they offer a wide range of subjects and can be accessed from anywhere at any time. These courses are particularly appealing to working professionals and students who need flexible learning options. The quality of online courses has improved significantly over the years, thanks to advancements in technology and instructional design.

E-books are another important segment in the e-learning market. They offer a convenient and often more affordable altern

Regression Results of Staff Training Investment and International M&A Performance.

The China construction market, valued at $4.59 billion in 2025, exhibits robust growth potential, projected to expand at a compound annual growth rate (CAGR) of 5.07% from 2025 to 2033. This expansion is fueled by several key drivers. Government initiatives focused on infrastructure development, particularly in transportation (high-speed rail, road networks) and energy (renewable energy projects), are significantly boosting demand. Rapid urbanization and a growing middle class are driving residential construction, while increased industrial output necessitates new factory buildings and logistics facilities. Furthermore, China's commitment to sustainable development is influencing the market, with a growing emphasis on green building practices and energy-efficient technologies. However, challenges remain. Fluctuations in raw material prices, potential labor shortages, and evolving environmental regulations could impact project timelines and profitability. The market is segmented by sector, with residential, commercial, industrial, infrastructure (transportation), and energy and utilities segments all contributing significantly. Major players such as China State Construction Engineering, China Railway Group, and others dominate the landscape, leveraging their experience and scale to secure large-scale projects. This competitive environment necessitates continuous innovation and adaptation to changing market conditions. The forecast period (2025-2033) anticipates continued growth, driven by ongoing infrastructure investments and sustained economic development. However, maintaining this growth trajectory hinges on effectively managing the identified challenges. Strategic partnerships, technological advancements, and a focus on sustainable practices will be crucial for success in this dynamic market. The sector's diverse segments present opportunities for specialized firms, while established players continue to consolidate their market share through strategic acquisitions and expansion into new geographical areas. The long-term outlook for the China construction market remains positive, with substantial potential for growth and innovation in the coming years. Recent developments include: December 2023: Recently, "Engineering News-Record" (ENR), one of the world's most authoritative academic journals in engineering and construction, announced the winners of the 2023 Global Best Projects Awards. I received awards for two projects. The Lamu Port Berth 1-3 Project was honored with the Award of Merit in the Airport and Port category, while the Peljesac Bridge and its access roads in Croatia received the Award of Merit in the Bridge and Tunnel category., July 2023: The Shaoxing Metro Line 2, constructed by CRCC, officially opened, marking the commencement of a new era of automated and driverless subway systems in Shaoxing. This 10.8-kilometer line, featuring nine stations, represents Shaoxing's inaugural automated and driverless subway and the second in Zhejiang Province. As a co-host city with the most events for the Asian Games, the inauguration of Line 2 will further boost the development of the "Commuting Circle" for the Hangzhou Asian Games, providing robust support for the successful hosting of the event.. Key drivers for this market are: Government Infrastructure Spending, Urbanization and Increasing Disposable Incomes. Potential restraints include: Government Infrastructure Spending, Urbanization and Increasing Disposable Incomes. Notable trends are: Increase in Output value of China Construction Industry.

The Furniture Stores industry in China accounts for about one third of total revenue from China's furniture sector. The remaining sales are generated by other industries, like furniture wholesaling, department stores and direct sales from furniture manufacturing. Revenue for the Furniture Stores industry is expected to grow at an annualized 3.4% over the five years through 2023, to $38.0 billion. This includes an expected revenue increase of 7.9% in the current year.Industry demand is driven by growth in China's housing market, the steady developing economy and furniture manufacturing and designing research and development. In 2011, the Chinese government began the construction of 10.0 million units of non-commercial residential housing (i.e. indemnificatory houses) to further improve the living standards of medium- and low-income families and promote the healthy development of the real estate market. In 2012, the government constructed an additional 7.0 million units. These indemnificatory houses are supporting demand for furniture and benefiting the industry. Moreover, the new-for-old policies for furniture in Beijing implemented in November 2012 promoted the updating of old furniture.Demand for high-quality furniture is increasing in China as income levels increase and China's middle class expands. High-end furniture will account for a greater proportion of industry revenue over the next five years. Over the five years through 2028, industry revenue is forecast to grow at an annualized 6.7%, to reach $52.6 billion.A new store type, called furniture supermarkets or malls, has developed in recent years in China. Furniture supermarket operators build large-scale business buildings that are rented to small, low-end furniture retailers to display their products as they do in independent stores. Resource management systems adopted by high-end operators will be employed by furniture supermarkets to more efficiently manage the entry and exit of retailers and compete more effectively with high-end retailers. With booming ecommerce in China, online furniture stores have also been rapidly developing. Several furniture enterprises have set up online furniture stores to meet increasing demand from consumers.

In 2023, final consumption of the economy in China accounted for about 55.7 percent of the gross domestic product (GDP). The share of final consumption in the total GDP of China is expected to increase gradually in the upcoming years. Level of consumption in China Final consumption refers to the part of the GDP that is consumed, in contrast to what is invested or exported. In matured economies, final consumption often accounts for 70 or more percent of the total GDP. In developing countries, however, a significantly larger share may be spent on investments in infrastructure, real estate, and industrial capacities.Since its economic opening up, China was among the countries with the highest ratio of spending on investment and the lowest on consumption. Especially since 2000, China spent increasing amounts of money on infrastructure and housing, while the share spent on consumption dropped to an all-time low. This was not only related to China’s rapid economic ascendence, but also to a large working-age population and a low dependency ratio. Recent developments and outlook As the rate of returns on investment has dropped gradually since the global financial crisis in 2008, China is trying to shift to a more consumption-driven growth model. Accordingly, the share of final consumption has increased since 2010. Although this trend was interrupted by the coronavirus pandemic, it will most probably continue in the future. Lower demand for new infrastructure and housing, as well as an aging population, are the main drivers of this development.

Regression Results of Human Capital and International M&A Performance.

China's economic growth has driven demand for the machinery manufacturing industries in recent years. The rapid development of many downstream sectors, including engineering machinery, farming machinery and traffic engineering, contributed to the development of the Engine Manufacturing industry in China. Industry revenue is expected to increase at an annualized 6.3% over the five years through 2024, to $47.2 billion. This includes growth of 2.9% in the current year.The industry insists on research and development to improve product performance, which increases the added value of products. Industry profits will improve overall in the future. Industry profit is expected to total 9.6% of revenue in 2024. The industry demand for high-end technical talents will increase, and the low-end labor force will decrease, which will lead to the increase of per capita wages in the industry. Total wages are expected to rise by an annualized 4.3% over the five years through 2024, to $2.5 billion.Industry revenue is forecast to increase at an annualized 4.0% over the five years through 2029, to $57.4 billion. Steady increases in domestic and foreign demand are anticipated to largely drive growth. With the implementation of the national new infrastructure policy, it will promote the R&D and production of various high-end equipment products in China. The demand for engine products will increase as well.The import and export trade of the industry showed good development. The export market is expected to grow at an average rate of 3.5% in the next five years while the import market will increase at a CAGR of 1.7%, to $13.6 billion.Increasing environmental concerns will likely increase demand for with high-quality, energy-saving products. Engine Manufacturing in China should accelerate efforts to improve thermal efficiency by relying on AI and big data. In addition, alternative fuels like natural gas and oil will help the development of engine manufacturing industry. In the future, with the continuous upgrading of national emission standards, improving the technical level of engines and developing clean green power will become an important direction of future industry development.

Regression Results of Employee Turnover and International M&A Performance.