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China to lead world manufacturing in five years: OECD
By Wang Yanlin |
February 3, 2010, Wednesday
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Online Edition
Online Edition
CHINA could well overtake the United States to become the leading producer of manufactured goods in the next five to seven years, but the country needs to improve its social safety net to sustain development, an OECD report said today.
"China's economy is weathering the global crisis remarkably well, not least thanks to its prompt and vigorous macroeconomic policy action," said the Organization For Economic Cooperation and Development in its "Economic Survey of China."
"The country's economic expansion is projected to continue over the medium run, and China's share in the world economy is set to grow further. Structural reform has continued on a broad front in recent years, and will enable China to eclipse the US as the world's biggest producer of manufactured goods by as early as 2015."
China's gross domestic product still managed an 8.7 percent growth on an annual basis last year to 33.5 trillion yuan (US$4.9 trillion). The manufacturing sector gained 9.5 percent year on year to 15.7 trillion yuan in 2009, retaining a biggest weight in China's GDP compared with agricultural and services sectors.
"China's economy is weathering the global crisis remarkably well, not least thanks to its prompt and vigorous macroeconomic policy action," said the Organization For Economic Cooperation and Development in its "Economic Survey of China."
"The country's economic expansion is projected to continue over the medium run, and China's share in the world economy is set to grow further. Structural reform has continued on a broad front in recent years, and will enable China to eclipse the US as the world's biggest producer of manufactured goods by as early as 2015."
China's gross domestic product still managed an 8.7 percent growth on an annual basis last year to 33.5 trillion yuan (US$4.9 trillion). The manufacturing sector gained 9.5 percent year on year to 15.7 trillion yuan in 2009, retaining a biggest weight in China's GDP compared with agricultural and services sectors.
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