China faces economic costs from industrial dominance, should reform growth model
By
The Economist
Summary
China's manufacturing sector has become a dominant global force, outcompeting Germany in cars, South Korea in shipbuilding, and narrowing the gap with the US in chip design. However, this industrial dominance comes with economic costs, and the article argues that China should change its growth model for its own benefit. World leaders are responding to China's success by implementing trade restrictions to protect domestic industries and reduce dependencies, with EU ministers set to meet to discuss further measures.
Source
bskyChina faces economic costs from industrial dominance, should reform growth modelecon.stKey quotes
· 3 pulledChina's manufacturers have become formidable global competitors, even in sophisticated industries that were once the preserve of much richer countries.
They have outflanked Germany's carmakers, stolen a march on South Korean shipbuilders and narrowed the gap with American chip designers.
It is a tribute to their success that world leaders are scrambling to limit the threat to cherished domestic industries and avoid risky dependencies.
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