In "China Noses Ahead as Top Goods Producer," the Financial Times highlights yet another area where America is no longer top dog:
China has become the world’s top manufacturing country by output, returning the country to the position it occupied in the early 19th century and ending the US’s 110-year run as the largest goods producer.
The change is revealed in a study released on Monday by IHS Global Insight, a US-based economics consultancy, which estimates that China last year accounted for 19.8 per cent of world manufacturing output, fractionally ahead of the US with 19.4 per cent.
China’s reversion to the top position marked the “closing of a 500-year cycle in economic history”, said Robert Allen of Nuffield College, Oxford, a leading economic historian.
Deborah Wince-Smith, chief executive of the Council on Competitiveness, a Washington-based business group, said the US “should be worried” by China taking over a position that the country had occupied since about 1895.
“This shows the need for the US to compete in the future not on the basis of commodity manufacturing but on innovation and new kinds of services that are driven by production industries,” she said.
I know, I know: more negativity from yours truly.
Or is it just reality?
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