Phnom Penh (FN), Dec. 15 – China and manufacturing dominance together are words easily believed, but this wasn’t always the case. The world’s manufacturer didn’t always make—quite literally—everything.

In 2000, China made up only 6% of global manufacturing value added (MVA), far behind the US, Japan, and Germany. This changed after China joined the WTO in 2001, which improved trade deals and opened up key sectors to foreign investment, sparking rapid business growth.

Economic reforms transformed China from an agrarian to an industrial society, supported by a large, affordable, skilled workforce. By the mid-2000s, exports, including electronics, machinery, and textiles, made up a third of China's GDP. By 2030, China is expected to account for 45% of global MVA, with the US at 11%.

This article was originally published on Voronoiapp.
=FRESH NEWS