China's position as the "world's factory" is difficult to replace.

Recently, in an interview with SCMP, Nobel Prize-winning economist Michael Spence said that it will take a considerable amount of time before we are ready to declare that China is not the "world's factory".

It is difficult to replace China's position as the ' world's factory'. (Source: Reuters)

“There is no alternative to China at this point,” the economist stressed.

The American economist also believes that, over time, "we will see more distributed manufacturing capacity across multiple categories."

Partly, he explained, it was due to the growth and development of the world's second-largest economy itself, and partly because of the growth of other economies.

Asked whether he agreed with growing Western concerns about Beijing's overcapacity, Spence said: "China is clearly the leader in solar, electric vehicle and battery technology right now.

Expect an increase in exports of those goods or foreign direct investment. That's another channel they can go through, because the world is supposed to be addressing the climate issue."

Source: https://baoquocte.vn/chuyen-gia-vi-the-cong-xuong-the-gioi-cua-trung-quoc-rat-kho-thay-the-282413.html