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Indonesia has also emerged to be a new player in the space - appearing particularly attractive for companies seeking to relocate from China. India, another global superpower with a quickly expanding consumer base and previous manufacturing know-how, is also attempting to reclaim a spot as a world exporter.
India already has a massive auto, food, and apparel manufacturing base. Pharmaceutical companies are also turning towards Indian manufacturers for a more reliable production base. Most notably, AstraZeneca will be utilizing Indian contract manufacturer, the Serum Institute, to manufacture its newest Covid drug.
Mexico and Brazil have also grabbed the spotlight and gained huge manufacturing market shares in the automotive space for both internal country production as well as export purposes. Amidst the stagnation in Chinese production, it's critical to recognize China's success in manufacturing, as well as its potential to retain its role in some portion of the world's supply chain. Manufacturing executives globally still look to Shenzen for supplying micro-electronics from Peloton components to phone chargers , and if properly handled, China might be able to save itself from a manufacturing driven economic free fall by cementing itself in as not necessarily the "world's everything factory", but the "world's electronics factory".
Shenzen still retains the ability to be the world's leader in electronics development specifically for post fabrication and assembly portions of the supply chain. Through investment in operational efficiency, customer satisfaction, and supply chain transparency and simplicity, China has the ability to continue to serve as a preferred partner for global companies.
China went from being a low income nation to enduring a period of enormous growth through specialized manufacturing. As the world became more dependent on software and robotics to automate every part of our homes and workspaces, China ramped up production to deliver on that dependency.
Developing strategic trade corridors, investing in maritime safety to guarantee a US-China shipping lane, and pouring massive amounts of infrastructure into port systems enabled China to quickly rise to power as the world's preferred manufacturing partner. But at the end of the day, rise in labor rates and more globalized calls for regulations have driven up prices of Chinese manufacturing, forcing not only international companies, but also Chinese based ones, to turn elsewhere for their supply chains.
Over time, China developed a niche in electronics manufacturing - effectively constructing and scaling the city of Shenzhen to greater than 20 million in population between and As the worlds desire for electronics grew, China specialized to meet demand by cutting new tooling and developing a new workforce specializing in lower end electronics production.
But with this came downsides - a more specialized labor workforce pushed up wage rates - driving companies to move manufacturing bases out of China to other Southeast Asian countries. All eyes will be on China over the next few months, and years, to see if they can continue to remain their global manufacturing presence in the post-Covid 19 economy.
This is a BETA experience. You may opt-out by clicking here. More From Forbes. Nov 9, , am EST. Nov 8, , pm EST. Nov 8, , am EST. The huge labor pool in China helps to produce in bulk, accommodate any seasonal industry requirement, and even cater to sudden rises in the demand schedule. Industrial production does not take place in isolation, but rather relies on networks of suppliers, component manufacturers, distributors, government agencies, and customers who are all involved in the process of production through competition and cooperation.
The business ecosystem in China has evolved quite a lot in the last 30 years. For example, Shenzhen , a city bordering Hong Kong in the southeast, has evolved as a hub for the electronics industry.
It has cultivated an ecosystem to support the manufacturing supply chain , including component manufacturers, low-cost workers, a technical workforce, assembly suppliers, and customers. American companies like Apple Inc. AAPL take advantage of China's supply chain efficiencies to keep costs low and margins high.
Foxconn Technology Group a Taiwan-based manufacturer of electronics has multiple suppliers and manufacturers of components that are at nearby locations. For many companies, it's economically unfeasible to take the components to the U. Manufacturers in the West are expected to comply with certain basic guidelines with regards to child labor, involuntary labor, health and safety norms, wage laws, and protection of the environment.
Chinese factories are known for not following most of these laws and guidelines. Historically, Chinese factories have employed child labor, have had long shift hours, and have not provided the workers with compensation insurance. Faced with mounting criticism, the Chinese government has claimed to institute reforms that protect workers' rights and provide for fairer compensation.
However, compliance with the rules in many industries is low and change has been slow. Additionally, environmental protection laws are routinely ignored, enabling Chinese factories to cut down on waste management costs.
The export tax rebate policy was initiated in by China as a way to boost the competitiveness of its exports by abolishing double taxation on exported goods. Exported goods were subject to zero percent value-added tax VAT , meaning they enjoyed a VAT exemption or rebate policy.
These lower tax rates helped to keep the cost of production low, enabling the country to attract investors and companies looking to produce low-cost goods. In July , the U. China has been accused of artificially depressing the value of the yuan to provide an edge for its exports against similar goods produced by U. China keeps a check on the appreciation of the yuan by buying dollars and selling yuan.
However, this trend reversed and the yuan weakened against the dollar beginning in June when the U. On Aug. However, the availability of cheap labor is just one of many factors that have kept the "Made in China" label on so many products purchased by consumers around the world.
It will take more than low labor costs for emerging economies to set up a business ecosystem that can compete with China's. Census Bureau. Census Bureau Current Population. Council on Foreign Relations. Library of Congress. China Daily. Global Payroll Management Institute. National Bureau of Economic Research. Accessed May 4,
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