U.S. manufacturing revival challenges China's 'world factory' status

by:Gewinn     2022-04-27
Recently, China, the euro zone, and the United States have successively released the manufacturing purchasing managers' index (PMI). The data of major economies are all good, all above the dividing line of 50, which has boosted the market's optimistic expectations for global economic growth. The data showed that the initial value of HSBC China's manufacturing PMI was 50.1 in August, a 4-month high, returning to the expansion range; the initial value of the euro zone's manufacturing PMI rose to 51.3 in August, the highest since June 2011; US u200bu200bdata Higher than Europe and China, the preliminary Markit Manufacturing PMI rose to 53.9. According to data from the Institute for Supply Management (ISM), since August 2009, the overall U.S. manufacturing PMI index has basically been above 50, with only individual months falling between 49 and 50. Since 2010, the U.S. manufacturing PMI has The prosperity of China is higher than that of China most of the time. Generally speaking, the advantages of American manufacturing come from innovation and technology, but now the advantages of American manufacturing are expanding and the cost is gradually decreasing. Although the salaries of Chinese manufacturing workers are still far below the level of the United States, the cost gap between China and the United States is gradually narrowing, because labor compensation in China has grown at an alarming rate in recent years. From 2005 to 2010, the salary level of Chinese workers at an annual rate of 19%. Manufacturing is returning to the U.S. from China as rising wages in China are undermining its competitiveness, according to research from the Boston Consulting Group. This transfer could add 2.5 million to 5 million jobs in the United States, which is gradually becoming one of the lowest manufacturing cost countries in the developed world. Inexpensive natural gas resources have turned into an important competitive advantage for many U.S. industries, especially the chemical and plastics industries, but also makers of primary metals, paper and synthetic textiles. According to industry analysts, the revival of American manufacturing is already challenging China's status as the 'world's factory'. If the US manufacturing industry makes a comeback, China will have no advantage in terms of technology, marketing and branding. With the rapid rise of labor costs in China, Southeast Asia will have more cost advantages, which will undoubtedly form a double attack on China's manufacturing industry. Therefore, the upgrading of China's manufacturing industry is very urgent.
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