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08-11-2008, 01:22 PM #1
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China to overtake US as largest manufacturer
China to overtake US as largest manufacturer
By Peter Marsh in London
Published: August 10 2008 22:37 | Last updated: August 10 2008 22:37
China is set to overtake the US next year as the world’s largest producer of manufactured goods, four years earlier than expected, as a result of the rapidly weakening US economy.
The great leap is revealed in forecasts for the Financial Times by Global Insight, a US economics consultancy. According to the estimates, next year China will account for 17 per cent of manufacturing value-added output of $11,783bn and the US will make 16 per cent.
Last year the US was still easily in the top slot and accounted for a fifth of the total. China was second with 13.2 per cent.
John Engler, president of the National Association of Manufacturers, a Washington-based trade group, played down the effect of the projections. It was “inevitableâ€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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