China will leave us far behind, foreign media is in a hurry: no more action wave | China | Foreign media
On June 4th, the Daily Telegraph website published an article titled "China Riding the Waves in the Next Wave of Industrialization, the West Either Wakes Up or Sinks" by Matthew Lynn. The article excerpt is as follows:
The first commercial flight of the C919 is an important milestone for China, as it finally has domestically produced jet airliners that can compete with Boeing and Airbus.
China's progress goes beyond that. Car manufacturer BYD has just surpassed Volkswagen in domestic car sales and is working with other Chinese car companies to expand into other parts of the world. In addition, Beijing has announced its first manned lunar landing plan.
Taking all of these together, one thing becomes clear. China has already begun the second wave of industrialization. It has far surpassed the basic manufacturing stage and is now entering industries such as aerospace, where the West once boasted of having an impeccable leading advantage.
On May 28th, the first commercial flight of C919, China Eastern Airlines MU9191, took off from Shanghai Hongqiao International Airport.
This should sound the alarm for the UK, the US, and other European economies. China is about to disrupt the established order of a series of industries. It is meaningless to believe that we can compete through subsidies, tariffs, or industrial strategies. If we don't take action early, China will leave us far behind, making it impossible for us to catch up.
When the C919 made its debut, veteran aircraft manufacturers were understandably forced to remain calm. Boeing CEO Dave Calhoun said when asked about the potential competition this aircraft, which will compete head-on with the company's 737 and Airbus A320, "I think it would be foolish to have excessive anxiety about it."
Okay, Dave, good luck with this idea. If we lose our share in China, it will be very difficult for Boeing and Airbus, and the production of both companies will inevitably decrease significantly.
The same goes for cars. Although not many people have noticed yet, the new generation of Chinese car manufacturers led by BYD are beginning to dominate their domestic market and use their huge domestic sales to produce attractive and price competitive cars, pushing them to the global market.
Chinese people have a huge domestic market that can be used to improve products, reduce costs, and then allow these products to enter other parts of the world. In the near future, industries such as pharmaceuticals, telecommunications, retail, consumer goods, and financial services will also face the same pressure, and a large number of new competitors from China will compete with Western companies in the core Western markets.
The first wave of industrialization in China mainly aimed to provide cheap manufactured goods for developed countries, while the second wave currently underway will pose direct competition for Western enterprises. If we don't take action now, we will fall far behind. The commercial debut of C919 should make everyone aware of this.
