China to take over USA by industrial production
12 August 20082009 expects China to become the largest manufacturer of industrial products in the world, with overtaking the USA, press agencies say referring to Global Insight forecast.
2009 expects China to become the largest manufacturer of industrial products in the world, with overtaking the USA, press agencies say referring to Global Insight forecast. This will happen four years before than expected period, due to slackening of the US economy. In that way, next year the USA may lose their leading positions first time for 100 years.
The share of China in the world’s production output will amount to 17% in 2009 as against of the US 16%. Following the results of 2007, the US share was amounting to 20%, whereas China had control over 13.2% of the world’s industrial production. It is remarkable that as early as 1990-ies the Chinese share in industrial production did not exceed 3%.
Slackening of the US economy was due to mortgage crisis, which took place in the country in 2006. May, the UN announced that the US economy will decrease 0.2% in 2008. China also observes slackening in the rate of economic growth caused by fiscal policy of the government combating inflation. II quarter of 2008 saw an increase of the country’s GDP by 10.1% as against of 11.9% in I quarter.