Chinese Tech Exports Overtake Japan and Korea Despite Struggles in Industry
JB Cach | | Jan 04, 2016 09:48 AM EST |
(Photo : Kevin Frayer/Getty Images) China has surpassed neighboring countries Japan and South Korea in terms of exporting high-tech products.
A report has revealed that in 2014 China surpassed Japan and South Korea in terms of exporting high-tech goods, despite facing struggles in the production industry.
According to the Asian Development Bank's 2015 Asian Economic Integration report, China had a 43.7 percent share in all high-tech goods that Asia exported in 2014. This is a big jump from a 9.4 percent share in 2000.
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These numbers show that China has become a leading force in the Asian high-tech exports industry, surpassing Japan's 7.7 percent and South Korea's 9.4 percent, reports China Daily.
Examples of China's high-tech products that were welcomed in different Asian countries include high-speed railways, unmanned aerial vehicles or drones, smartphones, nuclear stations and satellites, said Asian Development Bank deputy chief economist Zhuang Juzhong.
These products have signaled a rising influence in the Asian high-tech industries sector. Zhuang said that China's new energy technology also has some influence around the world.
Zhuang added that in the strategic high-tech sector, China has also made breakthroughs. These are seen in manned space flights, deep-sea submersibles, lunar exploration programs, and supercomputers.
The ADB report noted that China's low-tech goods exports also had a 28 percent share in all low-tech goods exported in Asia. This is lower than the 41 percent share recorded in 2000.
This new report, however, is buffeted by the fact that China has faced struggles in its manufacturing industry.
China's Manufacturing Purchasing Manager's Index (or PMI) has slipped down to 48.2 in December. This is lower compared to a market forecasted 49.0 and a November PMI score of 48.6
While a PMI rating of 50 indicates no change in the industry status, a reading lower than 50 signifies a contraction in the industries related, says Markit Economics.
This latest reading is the lowest that China's manufacturing or production industry has had since September, and indicates China's weakest economic growth.
On the bright side, however, China's services sector has seen an increase in it's PMI rating. According to the NBS the Services PMI was 53.6 in November, followed by 54.4 in December.
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