Is real estate only contributing 8% to China’s GDP?


CHONGQING, CHINA - SEPTEMBER 29: (CHINA OUT) A general view of buildings under construction near the People's Bank of China office building on September 29, 2007 in Chongqing, China. The People's Bank of China and the China Banking Regulatory Commission have released new rules changing second residential home deposits from 40 percent from 30 percent in a move to curb soaring property prices. (Photo by China Photos/Getty Images)
Photo by China Photos/Getty Images

According to National Statistical Bureau, from Jan to Sep, the contribution of real estate to GDP is 8%. However,according to CICC research team, in third quarter, property related service accounted for 3.8% of real GDP growth, and 12.3% to norminal GDP. But this figure is calculated only by construction GDP. It does not include the property related industries. While construction related raw material industry accounted for 5%, furniture and house decoration was 5%, and property finance is 2%.


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