Manufacturing short-term competition to see Vietnam. Vietnam competes with China in areas such as electronic equipment manufacturing, textile shoes and clothing, and furniture, and the low labor cost window may have another decade. Vietnam’s economy is obviously export-oriented, its development path and export structure are similar to China’s, and its economic and trade exchanges with countries in the RCEP region, 85UVF1A-1QD including China, are significantly closer. Electronic equipment and textile shoes and clothing for Vietnam’s most important export products, the above industries are also obviously competitive with China, wood furniture may be the next key competition category. Low labor costs are the core competitive advantage of Vietnam’s manufacturing industry, but the wage rise slope is high, and the window period may still be about ten years.

Long term competition in manufacturing looks to India. India has the potential to become a manufacturing powerhouse, but there are big obstacles on the road to development. India and our economic and trade exchanges are not close, economic and trade cooperation continues 85UVF1A-1QD to “look west”. Affected by the difference of comparative advantages and the manufacturing base of the two countries, the current industrial competition with China is mainly concentrated in the consumer electronics. Service trade export is its bright spot. Overall, India has the potential to become the next manufacturing power, but its manufacturing development must face the test of infrastructure, labor quality, business environment and other “historical burdens” and “future challenges” such as machine replacement.

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The impact of manufacturing in other countries will not change the foundation of China’s manufacturing power and the trend of industrial upgrading. Combined with the theory of industrial research, we summarize the eight core factors in the manufacturing competition between China and other countries, and believe that the outstanding comprehensive advantage is the core reason for China to become the “world factory”. Although the trend of anti-globalization, rising labor costs, geopolitical and trade frictions, and other countries’ industrial policies may intensify industrial competition and export substitution, China’s position as the world’s largest manufacturing power will not be changed due to factors such as rich capital stock, better business environment, complete industrial chain, and high-quality human capital. There is a clear foundation for industrial upgrading.

Certain export substitution of Vietnam to China during the epidemic did not hinder the export growth reading. It is expected that in the field of industrial development in the future, China and Vietnam will still mainly cooperate and win, while China and India may mainly compete. Despite the phenomenon of export substitution in the field of electronic appliances, textile footwear and furniture accessories in Vietnam during the current epidemic, the rebound in export data in May is consistent with our judgment that “Vietnam’s export substitution has limited drag on China’s exports”. On the whole, China and Vietnam will continue to focus on win-win cooperation in the future due to highly related industrial chains and industrial upgrading. India’s export substitution during the epidemic is not obvious, there is no concern in the short term, and we should continue to pay attention to the development process of Made in 85UVF1A-1QD India in the medium and long term.

We will open wider to the outside world and improve the business environment. Considering that China’s foreign trade in recent years has shown the characteristics of “stable trade participation, upstream division of labor, and diversified trading partners”, we believe that we should further promote the development strategy of RCEP and the “Belt and Road”, broaden the depth and height of opening up to the outside world, and pay attention to reducing the crowding out effect of overseas investment on China. In terms 85UVF1A-1QD of the business environment, we should improve the whole life cycle management system of enterprises, and further improve the whole life cycle management system of enterprises related to fair competition, property rights protection and bankruptcy handling. At the same time, financial technology should be used to break data barriers, establish and improve corporate information platforms and movable property guarantee platforms, and solve the problem of financial institutions “reluctant to lend”. In light of the current economic situation, it is appropriate to vigorously promote tax reduction and fee reduction policies to stabilize market players.