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China losing out to US in cost advantage
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CHINA’S manufacturing industry is losing out to the United States in cost advantage, a report has suggested.
Prices of energy, logistics and some raw materials in China have surpassed those in the US, according to the 2015 China Purchasing Development Report, released yesterday by the China Federation of Logistics and Purchasing.
The report said the US has slashed its energy costs with exploitation of shale gas, raising the competitiveness of American manufacturers.
“Many raw materials are cheaper in the United States,” the report said. “For example, US cotton is 30 percent cheaper than that in China.” It also pointed out China’s price disadvantages in sectors including logistics and industrial land.
Citing a survey by the Boston Consulting group, the report said the cost advantage of China’s manufacturing industry over the US has plummeted to 4 percent in 2014 from 14 percent in 2004.
“If the trend continues, China’s cost advantage in manufacturing could be completely wiped out by 2020,” the report predicted.
It suggested China steps up innovation and relies on made-in-China equipment and Chinese brands to sustain economic growth in the future.
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