As China's Property Sector Declines, Government Seeks New Pillar Industries

China's property sector was once a major GDP contributor but is now declining due to debt issues. The government is seeking new industries as economic pillars.

Analysts say no single sector can fully replace property in the short term. Emerging tech, new energy, manufacturing and biotech have potential as new pillars.

Property's share of GDP has dropped from over 7% in 2020 to 6.1% in 2022 as its decline began in 2017.

Digital, new energy, advanced manufacturing and biotech are seen as potential new pillar industries to replace property.

Strategic emerging industries like IT, equipment and EVs accounted for over 13% of GDP in 2022. Auto manufacturing has notably increased.