DEVELOPMENT AND TREND ANALYSIS OF CHINA’S QUANTITY SURVEYING CONSULTING INDUSTRY

Abstract

The Chinese economy has experienced rapid growth since its reform in 1992. In 2010, China surpassed Japan and became the world’s second-largest economy with a GDP of RMB 40.12 trillion and a per capita disposable income of RMB 19,109.44. With the promotion of the Belt and Road Initiative, China’s infrastructure-related enterprises began to enter the international market in large numbers, directly driving the rapid development of China’s construction industry as well as its quantity surveying (QS) consulting industry. Through literature review and the government public reports, the data of QS consulting industry status in China from 2011 to 2021 attained and summarised, including the number of enterprises, business revenue, QS consulting business composition, and the number of registered quantity surveyors. It turned out that the QS consulting industry maintained steady growth. Simultaneously, it also showed significant progress about the business income and number of professional personnel, especially after related policies for advancing the entire process of QS consulting launched. Additionally, with the methodology of time series model with ARIMA, the QS consulting industry development trends for the next five years was forecasted. Finally, in order to further promote the industry’s development and deal with the challenges, this study presents three suggestions: pooling resources to improve the level of international business competition, expand business scope and innovating business growth points, strengthen the building of professional and technical personnel.