As we know, America is a powerful country on the earth with advanced science and technology and abundant finance. Compared with America, it seems like that China cann't compete with it. But today I'm turning that question around in manufacturing industry. What doesn't get enough attention in today's discussions about America's economic competitiveness is that the U.S. remains a robust manufacturing power, despite what is going on in China.
What doesn't get enough attention in today's discussions about America's economic competitiveness is that the U.S. remains a robust manufacturing power, despite what is going on in China. What's more, American manufacturing is becoming more productive. In 2009, productivity in U.S. manufacturing increased by 7.7%, more than any other country followed by the Bureau of Labor Statistics.
Shopping through your local Target, you're going to see a lot of “Made in China” labels on things like clothing or electronics. The U.S. tends to make stuff that requires more technology and engineering know-how, like planes, semiconductors and machinery. But the U.S. still is very competitive in the types of products that demand a high level of technology, engineering and capital to produce. In such industries, wages don't matter quite as much, and the U.S. can capitalize on its clear advantage over emerging markets like China in expertise, technology and innovation. That's why the U.S. sells Boeing aircraft to China, and the Chinese sell blue jeans to Americans. And it is here where we find the big challenge for China as a manufacturer going forward. A big part of Chinese manufacturing is the simple assembly of products designed elsewhere with components produced elsewhere, which means China is some cases is not adding very much value to the products it produces in factories.
More balanced growth. Whenever economists talk about China, they focus on the need to “rebalance.” That means China is too dependent on exports and investment for... [continues]
What doesn't get enough attention in today's discussions about America's economic competitiveness is that the U.S. remains a robust manufacturing power, despite what is going on in China. What's more, American manufacturing is becoming more productive. In 2009, productivity in U.S. manufacturing increased by 7.7%, more than any other country followed by the Bureau of Labor Statistics.
Shopping through your local Target, you're going to see a lot of “Made in China” labels on things like clothing or electronics. The U.S. tends to make stuff that requires more technology and engineering know-how, like planes, semiconductors and machinery. But the U.S. still is very competitive in the types of products that demand a high level of technology, engineering and capital to produce. In such industries, wages don't matter quite as much, and the U.S. can capitalize on its clear advantage over emerging markets like China in expertise, technology and innovation. That's why the U.S. sells Boeing aircraft to China, and the Chinese sell blue jeans to Americans. And it is here where we find the big challenge for China as a manufacturer going forward. A big part of Chinese manufacturing is the simple assembly of products designed elsewhere with components produced elsewhere, which means China is some cases is not adding very much value to the products it produces in factories.
More balanced growth. Whenever economists talk about China, they focus on the need to “rebalance.” That means China is too dependent on exports and investment for... [continues]
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