China Is Poised for 'Technology Takeoff'
For the past 20 years, "Made in China" has driven global economic growth, with Chinese manufacturing contributing to more than one-fifth of total output worldwide. But it is stuck in an awkward position now, as developed countries roll out measures to win back high-end manufacturers while poorer countries offer cheap labor as a comparative advantage.
The "Made in China 2025" strategy announced on May 19 is the central government's response to the problem. Its goal is to promote the country's industrial transformation and upgrading by shifting emphasis from raw materials to innovation and added-value.
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