Development of the Chinese Construction Industry after the Cultural Revolution: Administration Framework, Economic Growth, and Market Structure

Abstract

This paper presents the results of an investigation on the development of the Chinese construction industry after the Cultural Revolution in terms of administration framework, economic growth, and market structure, with the consideration of Chinese currency inflation. The development was divided into three stages based on Chinese government policy changes on the construction industry. In each stage, the reform of administration framework was reviewed, and the market size and market structure in both the domestic and the international markets were analyzed. Value added and gross output value of domestic market, the number of contracts, contracting value, total turnover, and turnover in the market share of Chinese construction firms were used to describe the development in various regions and to illustrate the growth of Chinese construction firms in the international market. The results of this study provide valuable knowledge to practitioners, scholars, and educators who are interested in exploring the development of the Chinese construction industry.