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Beijing. — The “made-in-China” label has been shedding its cheap image and reputation for low value-added goods as China takes over the United States to become the top powerhouse in global trade.
Factories in the world’s second-largest economy are churning out ever more sophisticated products for people around the globe, the latest customs statistics show.
Machinery, electrical and high-tech products continued to expand their share of total exports with their growth rates outpacing those of other major items. In 2013, machinery, electrical and high-tech goods accounted for about 80 percent of total exports, contrary to perceptions that textiles, shoes and furniture make up the bulk of made-in-China goods.
Rising labour costs and Yuan appreciation have propelled exporters to use money accumulated from decades of hard work to move up the production chain. The upgrade accelerated amid a lukewarm global recovery evidenced by the latest disappointing hiring numbers in the United States. In 2013, China’s exports rose 7.9 percent to US$2.21 trillion.
China still has to make 100 million T-shirts to trade for one airplane.
Meanwhile, Premier Li Keqiang has promoted advanced high-speed rail with Chinese-owned intellectual property during his foreign visits.
China operates 12 000km of high-speed railway – more than half of the world’s total.
Employment trends underscore changes in industrial structure, according to a research note written by Louis Kuijs, China economist of the Royal Bank of Scotland. — Xinhua.
Online Reporter