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China is the manufacturing superpower
The US is the world’s sole military superpower. It spends more on its military than the ten next highest spending countries combined. China is now the world’s sole manufacturing superpower. Its production exceeds that of the nine next largest manufacturers combined. This column uses the recently released 2023 update of the OECD TiVA database to paint an eight-chart portrait of China’s journey to superpower status and the asymmetric impact that its dominance has had on global supply chains.
I'm not an expert on China, but during ongoing work on global supply chain disruptions with my co-authors Rebecca Freeman and Angelos Theodorakopoulos, I've noticed a stark fact that I don’t think is as widely known as it should be. This remarkable fact helps us to understand current US-China trade tensions, and the magnitude of supply chain disruptions that occurred when China dialled down its production during Covid. As its recent success in electric vehicles demonstrates, its wide and deep industrial base can help it gain a competitive edge in virtually all sectors.
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