Latest data showed that positive changes are taking place in Chinese manufacturing, including further optimizing structure and strengthening the leading role of high-end manufacturing.
According to data from the National Bureau of Statistics, in the first half of this year, one of the economic indicators, the Purchasing Managers’ Index (PMI), remains positive with respect to manufacturing, and the overall growth rate of China’s manufacturing is stable, with faster growth in high-tech and equipment manufacturing.
It is evident that the upgrading of China’s manufacturing has been moving forward steadily.
Chinese-made products have been recognized all over the world in the last three decades, serving as a pillar for China’s economy and a contributor to the world economy.
However, the 2008 economic crisis changed the situation. Developed countries began to refocus on their real economies, and developing countries are seeking industrial adjustment, posing challenges to China’s manufacturing. New approaches must be explored to enhance competitiveness.
The State Council then issued the Made in China 2025 strategy in 2015, which serves as a guidance for the country to step up to become a power in manufacturing, and opened the gate of transition from “Made in China” to “Created in China”.
Since the competition pattern has changed, it might be crucial to understand the new advantages in Chinese manufacturing, and how to promote its upgrading.
China still has an edge in its scale of manufacturing, and is also a huge consumer market, which formed the cornerstone of China’s manufacturing.
Meanwhile, China should value exploring its advantages in quality and innovation in technology and business model, more than its low labor cost. And capital and technology are going to be key factors in pushing for the future of manufacturing.
And great opportunities are coming for Chinese manufacturing’s upgrades, with the new generation of information technology being integrated into manufacturing, which will lead to a far-reaching industrial revolution.
Manufacturing’s upgrading operation is already underway.
Under the Made in China 2025 strategy, many support policies have been created with specific targets. And many people appreciate the way to promote high-quality and intelligent manufacturing by relying on innovation and “Internet Plus” strategies.
There has also been practical progress. The use of smarter facilities and new technologies were introduced and promoted. Some enterprises began to yield results in smarter production and brand building.
By exploring the new round of technology and information progress, Chinese manufacturing is growing steadily and with vitality. It is promising for the industry to hold an advantage position in worldwide competition in the future.