Analysts have pointed out that though China has been very effective at copying and mass producing, it has lacked the creativity to come up with its own original products in recent years. In fact, many remain sceptical that this can change in a hurry, blaming a lack of innovation on built-in pressures to not step out of the line. But that’s not what the scenario is today. China has transformed dramatically and drastically. The standards that were then sub-standard have been revised to be on par with international standards.
Its emergence as a manufacturing powerhouse has been nothing less but outstanding. It has very recently overtaken the United States as the world’s largest producer of manufacturing goods. It has also used its huge manufacturing engine to boost living standards by doubling the country’s GDP per capita over the past decade, which for the UK took nearly about 150 years. It intends to follow in Japan’s footsteps by moving from a country known for cheap labour to a country known for the production of high-tech goods. In China, manufacturing creates $500 billion in services demand, and services demand $600 billion in manufactured goods. Several companies in China want to add more meaning to their manufacturing by replacing the phrase “Made in China” with “Created in China”. Proof of this is that in the field of terminal devices and mobile phones, China ranks among the top five when it comes to sales which, as their experts predict, will advance to the top 3 in 2015. China is also looking to skill up its workforce and move into more high-tech goods. Companies like Huawei had an astounding sale of 60 million phones last year, of which 20 million were smartphones. They are likely to sell 60 million smartphones this year. With such all round development in China and with several industries pumping in funds to have their units setup, China can only improve from here and reach a status where the phrase “Made in China” no longer raises an eye brow.