China says manufacturing ‘greatness’ still 30 years away

China is at least 30 years away from becoming a manufacturing nation of “great power,” a government advisor said.

Many already see China as the “world’s factory” as over a third of global output from cars to phones comes from there. But China’s leaders are concerned about its heavy dependence on the US for high-tech products like semiconductors.

Miao Wei, former Minister of Industry and Information Technology for a decade, warned, “Basic capabilities are still weak. Core technologies are in the hands of others” so China runs the risk of “being hit in the throat.”

He is now a member of the Chinese People’s Political Consultative Conference, the top advisory body to the government.

Although China still produces a significant amount of consumer and industrial products, its manufacturing output as a share of its economy has declined.

Last year, manufacturing accounted for slightly over a quarter of GDP, the lowest level since 2012.

Source: https://www.bbc.com/news/business-56316943

Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.