Reducing this import bill will require significant investment in infrastructure such as rural energy, transport, telecommunications and irrigation.
In the rich nations as a group, air transport, telecommunications, retailing, health care, banking and insurance invest 6% of their output in information technology, twice the proportion manufacturers spend.
It allows for a Chinese project company to establish an IFA with the immigration department for infrastructure development projects worth more than $150m, within sectors of food, agribusiness, resources, energy, transport, telecommunications, power supply and generation, environment or tourism.
The National Infrastructure Commission was established last year by George Osborne, the then chancellor, to advise the government on critical challenges related to the UK's networks such as transport, telecommunications, energy and utilities.
These "investment facilitation arrangements" are available for projects in the food, agribusiness, resources, energy, transport, telecommunications, power supply and generation, environment or tourism sectors – so long as they involve companies that are substantially owned by Chinese enterprises.
In particular, productivity growth in transport, telecommunications and financial services has benefited considerably from the purchase of computers and telecoms equipment.The OECD study also contains a finding worrisome for those who consider inadequate R&D spending to be a sign of economic weakness.
Areas like energy, transport and telecommunications were left out.
It is aimed at companies in the aerospace, oil and gas extraction, transport and telecommunications sectors.
Transport, energy, telecommunications, water and sanitation sectors must be geared to function during disasters.
Services such as transport and telecommunications are vital for the efficient functioning of the rest of the economy.
The combined company is expected to focus on expanding its reach within the electricity, gas, transport and telecommunications sectors.
