Sustained and strengthened advantages require a strong innovation-driven support.
Based on the data presented by the China Enterprise Confederation on August 22th, China’s manufacturing industry is still the largest major economic power and that China continues to strengthen its advantage as the world’s first manufacturing power.
Here the facts:
• The threshold for China’s top 500 manufacturing enterprises has risen from 6.71 billion yuan at the first half to 6.81 billion yuan and total revenue and net profits continue to keep growing, according to the core data of China’s Top 500 Enterprises released by the confederation.
• In 2015, a total of 481.465 billion yuan was injected into research and development (R&D) of 473 firms, 7.09 percent more compared to the previous year.
The top five companies which have invested most in R&D are:
1) Huawei (40.85 billion yuan),
2) Aviation Industry Corporation of China (23.43 billion yuan),
3) China Aerospace Science and Industry Corp.( 18.18 billion yuan),
4) First Auto Works (11.89 billion yuan) and
5) China Shipbuilding Industry Corp.(10.76 billion yuan).
• However, data shows the manufacturing industry saw a slowdown in growth and a drop in profit. The profit fell from 30 percent in 2010 to less than 20 percent recently.
The policy makes believe that the “One Belt, One Road” initiative will provide opportunity to Chinese enterprises for “going out”. They should grasp the opportunity and improve the quality and level of China-made products.