Write 7 pages with APA style on Implications of China’s Emergence as a World Factory. China was perceived as merely a low-cost location to produce essential, labour-intensive products.
At present, China is competitive in several sophisticated technologies and is contesting the exporting competencies of many other surfacing markets all over the world, not to include highly industrialized nations such as the United States and Japan. Just take into account the fact that China manufactures more than half of the worlds cameras, almost half of the televisions and air conditioners, above 20% of washing machines, and nearly 20% of refrigerators and the fact is the list keeps going (Nolan & Fureng 2003: 58). What is more, there are technologically superior manufacturing techniques for which China is judged better than the United States.
With the entry of China into the World Trade Organization in 2001, the competition only steps up. Other countries have consented to lessen the security of apparel as well as textile goods, in so doing reinforcing one of the great leverages of China (Nolan & Fureng 2003). Hence China is equipped to become a progressively more influential and powerful force in world production. Furthermore, China has consented to open its market to different kinds of goods and services. The outcome will be an efficiency-improving rivalry for the rapidly increasing private sector, sped up privatization of the lumbering state division, greater prospects for world suppliers to get to Chinese consumers, and grander opportunities for Chinese businesses to contend with global giants.
Before the current entry of China into the World Trade Organization (WTO), producers that are foreign-invested were demanded to generate a minimum of 70% of their production for the export market (Wolf et al. 2003, 110). Producers in China were allowed to import unprocessed materials and goods duty-free if it was intended for re-export. However, foreign producers were simply daunted from manufacturing for the Chinese market.
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