China’s economy and manufacturing industry undergoing tectonic shift
In the last 2 decades, world has witnessed the rise of China as manufacturing super-power. In the decades to come, China has to face many challenges to keep its manufacturing sector buoyant.
In the recent years, China saw a drop in its GDP growth rate, from more than 8 % in 2012 to 7.5 % in 2014 and finally dropping to slightly more than 6.5 % in 2016. For the Chinese economy, 2016 saw the weakest economic expansion since 1990. In 2016, services and tertiary industry in China rose by 7.8 % and accounted for 51.6 % of GDP. Manufacturing industry grew by 6.1 %, similar to a 6 % growth a year earlier…
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