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Regaining a Competitive Edge in Manufacturing
2014-02-21
The most important thing in changing China's development mode is to bring social value and cut resource consumption, with more efficient economic growth. In doing this, an analysis of factor productivity and comparative research can give manufacturing industry a basis for structural adjustments, transformation, and upgrades.
China is a major manufacturer, where added-value output accounts for around 40 percent of GDP, so changing the methods of industrial development is vital to changing economic development. For greater quality and efficiency, creating more output with less consumption is important, and the factor utilization efficiency is an index as well. For better manufacturing growth, quality, and efficiency, we need to establish factor productivity indices, analyze factor productivity and its changes in manufacturing, and compare them with international standards to give industry a foundation for structural adjustment and transformation.
The country is currently in a critical phase of changing economic development, as factor costs increase, resources and environment pressure grows, demographic dividends decrease, and economic growth gets slower. So, economic growth with high input, high consumption, and low cost is simply unsustainable. The key to changing the development mode is creating more social value with fewer resources and increased quality and efficiency in that growth.
