or costs, shrinking export demands and tighter resource and environmental constraints are weighi▓ng heavily on the manufacturing s▓ector
. It is facing pressure on two fronts: ▓competition from mushrooming manufacturers in lower-cost developing countries and a renewed push by developed nations seeking an advantage in industrial manufacturing.According to statistics from Oxford Economic▓s, China's manufacturing labor cost was less than half of the United States in 2003, is now only slightly lower ▓than the U.S. level. However, C▓hina's manufacturing productivity, measured by output per employee, is less than one sixth of the U.S. l▓evel.To catch up, China last year announced the "
Made in China 2025" campaign, a 10-year plan to upgrade its manufacturing capacity.Lu Bingheng with the Chinese Ac▓ademy of Sciences said compared wit▓h the United States and European nat▓ions, China still has a competitive edge because of the country's comprehensive industrial system, a huge market and a ma▓ssive labor pool.Upgrading of the manufa▓cturing sector through industrial modernization will revitalize the sector and help sustain grow▓th in the economy, Lu said. P▓lease scan the QR Code to follow us on InstagramPlease scan the QR Code to follow us o