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China no longer simply 'world's factory' (3)

(People's Daily Online)

16:46, August 24, 2012

With the expansion and deepening of economic globalization, more and more emerging countries joined the manufacturing sectors. Therefore, the capital is flowing to the regions and countries with low labor costs, which triggered fierce competition in the middle and lower reaches of the manufacturing sectors.

In addition to holding the lower reaches, China's manufacturing industry is facing the challenge of expanding to the middle and upper reaches through innovation.

The Russian economist Ivan Tselichtchev divided the global manufacturing chain into four parts in his best-selling book "China Versus the West." They are low-tech and labor-intensive manufacturing, low-end manufacturing with high-tech contents, low-end and diversified manufacturing and high-end manufacturing.

The products made in China have taken the lead in the first part. They are occupying the second and third parts and approaching the fourth part. Apparently, they are not important in the fourth part.

The problem of China's manufacturing entering the middle and upper reaches is also the focus of realizing economic restructuring and sustainable development.

The key to climb up the high end of the global industrial chain lies in stimulating the innovation, realizing industrial transformation and upgrading and walking from the "world factory" to "world brand."

Read the Chinese version at: 从“世界工厂”走向“世界品牌”, Source: People's Daily, Author: Zhong Shen


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