China is the only manufacturing superpower in the world
During this year’s Two Sessions in China, when delegates presented ideas to improve manufacturing in the nation under new, high-quality productive forces, the term “smart manufacturing” became popular.
According to a recent analysis by Richard Baldwin, an IMD Business School professor of international economics, China is the only manufacturing giant in the world, producing more than all nine of the next largest manufacturers put together.
According to the report, six countries account for at least 3% of global manufacturing, with China leading the way and being followed by the US, Japan, Germany, India, and South Korea. China’s share of the global gross production is three times that of the US, six times that of Japan, and nine times that of Germany.
The author went on to say that there has been a notable historical imbalance in supply chain dependency between China and other significant industrial nations that has shaped the world. China is the source of at least 2% of the industrial inputs used by all of the world’s major manufacturers; decoupling from China, as some politicians have proposed, would be very challenging, expensive, and disruptive.
I am a dedicated student currently in my seventh semester, pursuing a degree in International Relations. Alongside my academic pursuits, I am actively engaged in the professional field as a content writer at the Rangeinn website.
