According to the report of British Financial Times on August 11, due to rapid weakening of the U.S. economy, China is expected to replace the U. S. becoming the largest manufacturer in the world next year, four years earlier than what was anticipated.
This forecast is made by the U.S. economic consulting firm Global Insight Inc. According to the forecast, China will account for 17% of the global manufacturing added value (USD11.783t) next year, while the U. S. will account for 16%.
Last year, the United States was still easy to be the first on the list, with 1 / 5 of the global GDP. China stayed in the second place, accounting for 13.2%
John Engler, the chairman of the industry organization NAM, which headquartered in Washington, diluted the impact of these forecasts. He said that the scale of China was “inevitable” to surpass the U. S. This should be beneficial to the U. S., since it would not only benefit the political stability of the country who owned the world largest population but also meant that the U. S. would continuously hold the chance to invest and export to the fastest growing economy body of the world.
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