China’s running away with production in strategic industries as US, G7 suffer rapid declines
- Information Technology & Innovation Foundation (ITIF) says China was the world’s leading producer in 2020 in seven of the 10 industries covered by its report
- Rest of the world outperformed China in just pharmaceuticals and IT and information technology services, but the dominance might not be sustainable
China’s efforts and investment in advanced industries has paid off as it continues to gain market share from the rest of the world in sectors including computers and electronics, chemicals, basic metals and motor vehicles, according to a report by a US-based technology group.
As of 2020, China was the world’s leading producer in seven of the 10 industries covered by the Information Technology & Innovation Foundation (ITIF) report released on Wednesday.
According to the “China Is Running Away With Strategic Industries” report, China was the world’s leading producer in computers and electronics; chemicals; machinery and equipment; motor vehicles; basic metals; fabricated metals; and electrical equipment.
The United States, meanwhile, was the world’s leading producer in pharmaceuticals, IT and information technology services and other transportation.
But while the rest of the world outperformed China in just pharmaceuticals and IT and information technology services, the report said, the dominance might not be sustainable as the Chinese government has targeted biopharmaceuticals and artificial intelligence as key industries for development.
