China has been a powerhouse in the manufacturing industry for decades. Industry Week recently surveyed manufacturers in China and the USA and determined that 54% of China manufacturers have innovation as their top objective compared to 26% of U.S. manufacturers.
China Manufacturers Have Innovations as Top Objective
U.S. Manufacturers Have Innovations as Top Objective
Plants in China invest heavily in infrastructure and some of the manufacturing plants are more modern than the most developed countries in the world. Going from less than 3% in the early ‘90s to now producing roughly 25% of the global manufacturing output is no small feat.
Infrastructure Progress in China ('90s)
Infrastructure Progress in China (Today)
China accounts for half of the total global manufacturing output of “Factory Asia”, a common name in correlation to the continent’s cross-border supply chains in Taiwan, South Korea, Japan, and now a much staggering significance in China.
Total Global Manufacturing Output (China)
Total Global Manufacturing Output (All Other Countries)
However, it is one thing to get to the top while it is another to stay at the top. This year, the Chinese government has declared China’s projected growth to be around 7%, which would be the lowest it has been in more than 20 years. Nevertheless, China is and will still prove to be the leading hub for manufacturing.