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“According to the global financial research company, the United States’ share in global manufacturing will fall from 25.5% last year to 22.2% in 2020. By 2020, China’s share of global manufacturing will exceed the United States for the first time, reaching 22.4%. , significantly higher than the 12.1% in 2006."
According to an authoritative economic research organization, China will gradually replace the United States as the world's largest manufacturing country, but this goal will not be realized until 2020. At present, the United States is still firmly established in global manufacturing.
The Global Financial Research Corporation, an economic consulting firm headquartered in Washington, predicts that the U.S.’s share in global manufacturing will continue to be above 20%. This trend will continue until at least 2024, which is consistent with many Americans’ belief that U.S. is rapidly losing manufacturing. The view of the status of major powers differs widely. Jim Womack, head of the US Institute of Lean Enterprise, said: “If you and most people in the country say that the United States is still the largest manufacturing country in the world, perhaps this status will not change for a long time to come. They Certainly you will say that you are lying. Many Americans are not optimistic about the status of the manufacturing industry as the number one leading manufacturer in the United States. This sentiment can easily lead to misunderstandings, leading many people to underestimate the manufacturing power of the United States."
According to the global financial research company, the United States’ share in global manufacturing will fall from 25.5% last year to 22.2% in 2020. By 2020, China’s share in global manufacturing will exceed the United States for the first time, reaching 22.4%, which is much higher than the 12.1% in 2006.
Under the impetus of rapid economic growth, China has quickly become a global manufacturing power.
As early as 1995, China’s share in global manufacturing was only 4.6%. In contrast, US manufacturing output accounted for 24% of the world's production. In 2006, Japan was the world’s second largest manufacturing country after the United States, accounting for 13.9% of global manufacturing. However, global financial research company predicts that by 2024, Japan’s share in global manufacturing may fall sharply, dropping to 8.6%.
The study pointed out that Western Europe, like the United States, still occupies a very high proportion in global manufacturing. In 1995, western European countries as a whole accounted for 31.2% of global manufacturing, up from 26.1% last year. It is estimated that by 2024, the proportion of Western European countries in global manufacturing will drop to 19%.
Praim Premakomar, a senior economist at the Global Financial Research Corporation, said that with the domestic economy gradually maturing, China's manufacturing growth may slow down in the next few years.
In addition, by adopting new production design concepts and developing innovative products, or significantly reducing wage expenses, manufacturers in the traditional high-cost regions such as the United States and Western Europe may also become more competitive.
Oji Tantillo, head of the U.S. manufacturing trade action alliance, pointed out that the figures released by the global financial research company will surprise many Americans because the US trade deficit continues to increase and the unemployment in the manufacturing sector has caused many Americans to manufacture their own products. The industry outlook is deeply worried.
According to an authoritative economic research organization, China will gradually replace the United States as the world's largest manufacturing country, but this goal will not be realized until 2020. At present, the United States is still firmly established in global manufacturing.
The Global Financial Research Corporation, an economic consulting firm headquartered in Washington, predicts that the U.S.’s share in global manufacturing will continue to be above 20%. This trend will continue until at least 2024, which is consistent with many Americans’ belief that U.S. is rapidly losing manufacturing. The view of the status of major powers differs widely. Jim Womack, head of the US Institute of Lean Enterprise, said: “If you and most people in the country say that the United States is still the largest manufacturing country in the world, perhaps this status will not change for a long time to come. They Certainly you will say that you are lying. Many Americans are not optimistic about the status of the manufacturing industry as the number one leading manufacturer in the United States. This sentiment can easily lead to misunderstandings, leading many people to underestimate the manufacturing power of the United States."
According to the global financial research company, the United States’ share in global manufacturing will fall from 25.5% last year to 22.2% in 2020. By 2020, China’s share in global manufacturing will exceed the United States for the first time, reaching 22.4%, which is much higher than the 12.1% in 2006.
Under the impetus of rapid economic growth, China has quickly become a global manufacturing power.
As early as 1995, China’s share in global manufacturing was only 4.6%. In contrast, US manufacturing output accounted for 24% of the world's production. In 2006, Japan was the world’s second largest manufacturing country after the United States, accounting for 13.9% of global manufacturing. However, global financial research company predicts that by 2024, Japan’s share in global manufacturing may fall sharply, dropping to 8.6%.
The study pointed out that Western Europe, like the United States, still occupies a very high proportion in global manufacturing. In 1995, western European countries as a whole accounted for 31.2% of global manufacturing, up from 26.1% last year. It is estimated that by 2024, the proportion of Western European countries in global manufacturing will drop to 19%.
Praim Premakomar, a senior economist at the Global Financial Research Corporation, said that with the domestic economy gradually maturing, China's manufacturing growth may slow down in the next few years.
In addition, by adopting new production design concepts and developing innovative products, or significantly reducing wage expenses, manufacturers in the traditional high-cost regions such as the United States and Western Europe may also become more competitive.
Oji Tantillo, head of the U.S. manufacturing trade action alliance, pointed out that the figures released by the global financial research company will surprise many Americans because the US trade deficit continues to increase and the unemployment in the manufacturing sector has caused many Americans to manufacture their own products. The industry outlook is deeply worried.
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