The white heat of China’s ascent has forged supply chains that reach deep into South-East Asia. “The MITI-V are still going to be very competitive for the next decade plus,” says Drew Rodriguez. India’s infrastructure is woeful, in particular transport and energy supply, where it ranks lower than most other emerging economies. Finally, we simulate what value might be at stake for China and the rest of the world from less engagement and from more engagement, and briefly explore how businesses might navigate what may be a highly uncertain environment. But there is no way this will eliminate the need for people in the next 15-20 years. Publication does not imply endorsement of views by the World Economic Forum. This is borne out in the relative prosperity of the MITI-V countries as Malaysia and Thailand are by far the richest of the group. China, the United States, and Germany are currently among the most 15 globally competitive manufacturing countries in the world. Yet for all the talk of the MITI-V countries taking over China as workshops of the world, a nagging fear will stalk policymakers in India and other MITI-V countries. Bone china is a type of porcelain that is composed of bone ash, feldspathic material, and kaolin.It has been defined as "ware with a translucent body" containing a minimum of 30% of phosphate derived from animal bone and calculated calcium phosphate. "Dumping" is defined as the act of a manufacturer in one country exporting a product to another country at a price that is either below the price it charges in its home market or is below its cost of production. “China is very competitive in this area. Democrat Joe Biden has captured the U.S. presidency, emerging the victor over Republican President Donald Trump, to become the 46th President of the United States. In recent weeks, its members have each pledged $10 billion to their New Development Bank, which should start lending next year; released a common strategy for economic and trade cooperation; and agreed to a $100 billion contingency fund to provide temporary assistance to members facing balance-of-payments pressures. for Us. Despite this, China will continue to have three formidable advantages in manufacturing that will benefit the economy as a whole. In the past export-led manufacturing offered a way for large numbers of unskilled workers to move from field to factory, transforming their productivity at a stroke. The trials of the 129 defendants, many of them former members of a banned opposition party, could drag on for months. To that end, the country is also spearheading the effort to reform the global economic architecture, including by pushing for reforms to the International Monetary Fund’s weighted voting system. Matthias Lomas is a consultant focused on Asia and the Middle East. Deloitte predicts that the economies of Malaysia, India, Thailand, Indonesia, and Vietnam, the “Mighty Five” or MITI-V, will inherit China’s crown for such products. A united anti-West bloc would not serve China’s interests any more than a grouping characterized by antagonism and divisions. Indian Prime Minister Narendra Modi’s administration has sought massive support from China in implementing its national manufacturing policy and overcoming obstacles to developing infrastructure. Should they be so worried? As Chinese manufacturing becomes more high value, and workers’ wages are rising, low-cost manufacturing is moving out. ", Sign up to our free daily newsletter, The Economist today, Published since September 1843 to take part in “a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.”. Can Japan's new PM get the economy back on track in a nation facing a global pandemic, mounting debt and adverse demographics? Martin Ford’s bestselling 2016 book The Rise of the Robots: Technology and the Threat of Mass Unemployment paints a bleak picture of whole swathes of professional sector jobs, let alone low-cost manufacturing, being automated. Vietnam also has better infrastructure than Indonesia and the advantage of being close to China. It has excellent, and improving, infrastructure: it plans to build ten airports a year until 2020 (see article). This article appeared in the Leaders section of the print edition under the headline "Made in China? China’s transition is opening space for other countries to move into low-cost manufacturing, where China until recently dominated.