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President Bill Clinton in 2000 pushed Congress to approve the U.S.-China trade agreement and China's accession to the WTO, [13] saying that more trade with China would advance America's economic interests: "Economically, this agreement is the equivalent of a one-way street. It requires China to open its markets—with a fifth of the world’s ...
A 50 MW molten-salt power tower in Hami, Xinjiang, China. The industrial sector comprised 38.3% of the gross domestic product (GDP) of the People's Republic 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.
Material costs, too, will continue to rise and will reach global levels. As the economy slows down, it becomes harder and harder for companies to pass on the costs to customers. China's rising labor costs will help other South Asian countries gain a foothold in low-end manufacturing. [9]
By the early 21st century, goods labeled "Made in China" were often only partially made in China, such as US-designed iPhone. [2] In 2015, China devised "Made in China 2025", the government's ten-year plan to update national manufacturing base by rapid development of local high-tech industry. [3]
By early 1980, the country had access to the equivalent of almost US$30 billion in foreign loans and credits termed through 1985. China also sought foreign capital by encouraging joint-venture projects between Chinese and foreign enterprises. But, in early 1986, foreign companies viewed China as a high-cost and high-risk investment area.
The volume of trade in goods between the US and China has grown rapidly since the beginning of China's economic reforms in the late 1970s. [23] The growth of trade accelerated after China's entry into the World Trade Organization (WTO) in 2001, [24] with the US and China becoming one another's most important trading partners. [23]
The investments from the 1970s up till the 2000s mainly focused on the manufacturing sector, earning China the label “world’s factory”. However, female migrant workers who contributed to the growth through participation in the foreign-owned manufacturing sector had to work in poor conditions, with insufficient labor protection, and under ...
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] to further develop the manufacturing sector of China, signed by Chinese Premier Li Keqiang in May 2015. [6]