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Manufacturing cost is the sum of costs of all resources consumed in the process of making a product. The manufacturing cost is classified into three categories: direct materials cost, direct labor cost and manufacturing overhead. [1] It is a factor in total delivery cost. [2]
A 50 MW molten-salt power tower in Hami, Xinjiang, China. The industrial sector comprised 38.3% of the gross domestic product (GDP) of China in 2023. [1] China is the world's leading manufacturer of chemical fertilizers, cement and steel. Prior to 1978, most output was produced by state-owned enterprises.
A rudimentary petroleum-refining industry was established with Soviet aid in the 1950s. In the 1960s and 1970s, this base was modernized and expanded, partially with European and Japanese equipment. In 1986 Chinese refineries were capable of processing about 2.1 million barrels a day. By 1990 China plans to reach 2.5 million barrels a day.
It also recorded high volume outputs across a wide spectrum of consumer electronics; between 2014 and 2015—according to China Daily—286.2 million personal computers (90.6% of the global supply), 1.77 billion phones (70.6% of global supply of smartphones) and 109 million units (80% of global supply of air conditioners) were produced.
China was the top exporter of steel in the world in 2008. Export volumes in 2008 were 59.23 million tons, a 5.5% fall over the previous year. [18] The decline ended China's decade-old steel export growth. As of 2012 steel exports faced widespread anti-dumping taxes and had not returned to pre-2008 levels.
[28] [29] Mainland China had labour and land and looser pollution control than Hong Kong. The average daily wage of Hong Kong was HK$65 in 1981, compared to HK$2 in Guangdong in 1980. Mainland China's infrastructure and facilities were less developed than Hong Kong, further cutting costs. [30]
Logo. Made in China 2025 (MIC25, [1] MIC 2025, [2] or MIC2025; Chinese: 中国制造2025; pinyin: Zhōngguózhìzào èrlíng'èrwǔ) [3] [4] is a national strategic plan and industrial policy [5] of the Chinese Communist Party (CCP) to further develop the manufacturing sector of China, issued by CCP general secretary Xi Jinping and Chinese Premier Li Keqiang's cabinet in May 2015. [6]
Made in China or Made in PRC is a country of origin label, often in English, affixed to products wholly or partially made in the People's Republic of China (PRC). The label became prominent in the 1990s, when foreign companies based in the United States, Europe, and Asia moved their manufacturing operations to China due to China's low ...