According to a Financial Times report on 11th Aug, because of the slowdown in America's economic growth, China promises to surpass the U.S. and become the No.1 manufacturing country in 2009 - 4 years earlier than predicted.
This prediction comes from an accredited American research institute, Global Insight. It predicts that the added value of global manufacturing will be 11,783 billion dollars. China will possess 17 percent of that, while the U.S. will possess 16 percent. Last year, the U.S. controlled 20 percent of the highest listed manufacturers; while China possessed 13.2 percent taking the No.2 position.
Just last year, Global Insight economists maintained that America's leading position in manufacturing could likely continue until 2013. However, because of America's economic slowdown, they have significantly lowered their expectations for the output value of U.S. manufacturing this and next year.
In the last 20 years, China's economy, dominated by manufacturing developed rapidly. In 1990, China had in its possession 3% of the world's total manufacturing output.
By People's Daily Online
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