DOCSLIB.ORG

MADE in CHINA 2025 the Making of a High-Tech Superpower and Consequences for Industrial Countries

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
MADE in CHINA 2025 the Making of a High-Tech Superpower and Consequences for Industrial Countries MERICS PAPERS ON CHINA MADE IN CHINA 2025 The making of a high-tech superpower and consequences for industrial countries Jost Wübbeke | Mirjam Meissner | Max J. Zenglein Jaqueline Ives | Björn Conrad No 2 | December 2016 MADE IN CHINA 2025 The making of a high-tech superpower and consequences for industrial countries Jost Wübbeke | Mirjam Meissner | Max J. Zenglein Jaqueline Ives | Björn Conrad Made in China 2025 Contents Executive Summary ..........................................................................................................................................6 China’s industrial modernisation: a challenge to advanced economies ...................................................6 Made in China 2025 changes the terms of the game .........................................................................................6 Taking over international high-tech enterprises ......................................................................................................7 Will Made in China 2025 succeed? A mixed picture ...............................................................................................8 Key recommendations .....................................................................................................................................9 Policy makers .....................................................................................................................................................................................9 Industry associations ...................................................................................................................................................................9 Suppliers of smart manufacturing technology ......................................................................................................10 Manufacturers using smart manufacturing .............................................................................................................10 1. Smart manufacturing: China’s chance to leap ahead in the global competition ..................11 Chinese techno-nationalism: a rising challenge for industrial countries ..............................................12 Concepts and key terms: smart manufacturing, Industry 4.0 and Industrial Internet ................13 2. Made in China 2025: a master plan for industrial leadership and import substitution ....14 2.1 Politics, not business: the real driver behind China’s smart manufacturing boom ..............15 2.2 Top-down strategy pushes smart manufacturing ..................................................................................... 17 2.3 China’s aim is technology substitution ..............................................................................................................20 3. Strengths and limitations of Made in China 2025 .........................................................................22 3.1 Powerful instruments for implementation .....................................................................................................22 3.2 The strengths come with inherent weaknesses ........................................................................................26 3.3 Economic challenges impair policy efectiveness ...................................................................................... 27 4. Manufacturers: a small but growing group of challengers to industrial countries ........... 29 4.1 Frontrunners combine business interest with policy support ..........................................................30 4.2 Hopefuls: winning or losing? .....................................................................................................................................33 4.3 Latecomers: losing out in the years ahead .....................................................................................................35 5. Chinese tech suppliers: lagging behind but rising ........................................................................ 37 5.1 Status-quo: dependence on foreign technology ....................................................................................... 37 5.2 Political goals and instruments: making Chinese tech suppliers dominant in China .........38 5.3 Fast technological catch-up ......................................................................................................................................40 5.4 Strong increase in international technology acquisition necessary ..............................................41 5.5 Conclusion ...............................................................................................................................................................................41 Case Studies ..................................................................................................................................................... 43 Case study 1: Industrial robots.........................................................................................................................................43 Case study 2: Industrial software, cloud computing and big data ..........................................................46 Case study 3: 3D printing .....................................................................................................................................................48 4 | MERICS | PAPERS ON CHINA No 2 | December 2016 Contents 6. Implications for industrial countries ................................................................................................... 50 6.1 Industrial policy measures challenge foreign companies .....................................................................50 6.2 Made in China 2025 could harm business of foreign enterprises .................................................. 57 6.3 China’s industrial policy puts pressure on industrial countries .........................................................59 7. Recommendations ......................................................................................................................................61 7.1 Recommendations for policy makers ...................................................................................................................61 7.2 Recommendations for industry associations and chambers .............................................................63 7.3 Recommendations for suppliers of smart manufacturing technology ......................................64 7.4 Recommendations for companies using smart manufacturing .......................................................65 8. Annex ............................................................................................................................................................. 66 Endnotes ........................................................................................................................................................................................... 67 The authors .......................................................................................................................................................72 Figures 1: Under Pressure: Industrialised countries will feel the heat of Made in China 2025 2: Automation in China’s industry is low 3: Chinese productivity is low 4: Labour costs in China are still moderate 5: Smart manufacturing is high on the agenda 6: Made in China 2025 aims at substitution 7: China pushes industrial upgrading 8: The “robot craze“ of China’s local governments 9: Chinese enterprises are less and less willing to purchase new equipment 10: Made in China 2025: replacing foreign smart manufacturing technology 11: China’s tech suppliers receive generous subsidies 12: Increasing innovation in Industry 4.0 in China 13: China’s innovation in Industry 4.0 focuses on robots, industrial communication and sensors 14: China is the largest robot market 15: Chinese robot manufacturers depend on foreign suppliers for key components 16: Huge demand for industrial software 17: Huge growth potential of 3D printing in China 18: The state hides behind investment management companies 19: The Fujian connection 20: China goes its own way in cloud computing and big data 21: Under Pressure: Industrialised countries will feel the heat of Made in China 2025 Tables 1: Industrial policy for technological progress 2: China’s smart manufacturing boom is unequally distributed 3: Leaders in smart manufacturing 4: Political support for hopefuls 5: Still a long way to go for Industry 3.0 and Industry 4.0 6: Technology catch-up varies between technologies 7: Growing number of acquisitions of foreign tech suppliers 8: Future impact of China’s industrial policy on foreign manufacturers and tech suppliers 9: List of implementation documents for Made in China 2025 in the ield of smart manufacturing MERICS | PAPERS ON CHINA No 2 | December 2016 | 5 Executive Summary CHINA’S INDUSTRIAL MODERNISATION: A CHALLENGE TO ADVANCED ECONOMIES This report analyses China’s ambitious plan to build one of the world’s most advanced and compet- itive economies with the help of innovative manufacturing technologies (“smart manufacturing”). China’s industrial masterplan “Made in China 2025” aims to turn the country into a “manufacturing superpower” over the coming decades. This industrial policy will challenge the economic primacy of the current leading economies and international corporations. The strategy targets virtually all high-tech industries that strongly contribute to economic growth in advanced economies: automotive, aviation, machinery,
Load more

Recommended publications
  • Higher Education Management and Policy in Higher Education Journal of the Programme Higher Education Management and Policy on Institutional Management Volume 14, No
    EDUCATION AND SKILLS « Journal of the Programme on Institutional Management 14, No. 1 Higher Education Management and Policy Volume in Higher Education Journal of the Programme Higher Education Management and Policy on Institutional Management Volume 14, No. 1 in Higher Education CONTENTS There are Mergers, and there are Mergers: The Forms of Inter-institutional Combination Daniel W. Lang 11 Higher Education Marketization and the Changing Governance in Higher Education: A Comparative Study Management and Policy Joshua K.H. Mok and Eric H.C. Lo 51 The Rationale Behind Public Funding of Private Universities in Japan Masateru Baba 83 EDUCATION AND SKILLS Measuring Internationalisation in Educational Institutions Case Study: French Management Schools Claude Échevin and Daniel Ray 95 Coping with the New Challenges in Managing a Russian University Evgeni Kniazev 109 Book Review David Palfreyman 127 Index to Volumes 9-13 135 Index to Volume 13 147 Subscribers to this printed periodical are entitled to free online access. If you do not yet have online access via your institution's network contact your librarian or, if you subscribe personally, send an email to [email protected] www.oecd.org ISSN 1682-3451 89 2002 01 1 P 2002 SUBSCRIPTION imhe (3 ISSUES) -:HRLGSC=XYZUUU: Volume 14, No. 1 Volume 14, No. 1 © OECD, 2002. © Software: 1987-1996, Acrobat is a trademark of ADOBE. All rights reserved. OECD grants you the right to use one copy of this Program for your personal use only. Unauthorised reproduction, lending, hiring, transmission or distribution of any data or software is prohibited. You must treat the Program and associated materials and any elements thereof like any other copyrighted material.
    [Show full text]
  • March 2020 Show Some Legs …
    CHINAINSIGHT Fostering business and cultural harmony between China and the U.S. VOL. 19 NO. 3 March 2020 Show some legs … News, p. 3 Business & Economy, p. 5 History, p. 7 Shake. Stomp. Tap. Get those legs a-moving! What’s going on? New line dance at the gym? The Asian version of the Macarena? Whose behind this? Hint: see page 16. Community Society, p. 10 Snuff said! By Margaret Wong, Chinese Heritage Foundation Friends; contributor The first Liu’s perhaps surprising subject was corner from the Scholar’s Study for those Sunday Tea Mia’s collection of Chinese snuff bottles. of you familiar with the Museum’s layout). of 2020 pre- Originally a utilitarian personal accessory He titled this exhibit “Worlds in Miniature.” sented by Chi- for carrying snuff (powered tobacco), they These examples were the subject of the Feb. nese Heritage became an object of display for Chinese 16 talk and Powerpoint slide show. Foundation gentlemen of means. The art form began We learned that we can approach Chi- Arts & Culture , p. 14 Friends on in the 18th century when taking snuff by nese snuff bottles on many different levels. In This Issue Feb. 16 was way of the nose became fashionable in For example, we could begin by cataloging a fascinat- China. The practice of the art flourished the varied materials and techniques that have Arts & Culture 14 ing scholarly into the first half of the 20th century, and is been used. While most of us today associate Books 13 exploration still practiced, and the works are certainly snuff bottles with reverse (interior) painting Business & Economy 5 of what you collected, to this day.
    [Show full text]
  • Introduction
    Introduction World and country economic growth is a future agenda for national accounts, and the effi- continuing and major interest to many econo- ciency costs and welfare gains from potential tax mists, politicians, policy-makers, media partici- reform. pants, and individuals, as it can impact on the All but one of the next 11 chapters use well-being of countries and individuals. How- KLEMS (capital, labor, energy, materials, and ever, measuring economic growth is a continuing services) data, frequently with a KLEMS pro- challenge, particularly with difficult-to-measure duction model in the analysis.1 Within these factors, such as intangibles, digital and informa- chapters, depending upon the available data tion technology product advances, and produc- and the nature of the analysis, some of the tivity, which can impact on growth. In addition, EMS inputs may not be included and others emerging countries such as China and India are may be added. Chapters cover all Group of 7 taking a greater role in the world economy. (G7) countries (Canada, France, Germany, Italy, This book serves as a foundational resource Japan, the United Kingdom, and the United for graduate students and researchers world- States), all Emerging 7 (E7) countries (Brazil, wide working on growth and productivity and China, India, Indonesia, Mexico, Russia, and related applications. In addition, policy-makers Turkey), all EU-12 countries (Austria, Belgium, can use it as a basis to understand how empirical Czech Republic, Denmark, Finland, France, Ger- results are produced and to familiarize them- many, Italy, the Netherlands, Spain, Sweden, selves with empirical analysis and results of and the United Kingdom) plus Australia, Chile, experts in this important field.
    [Show full text]
  • Global Economics and the Crisis of Values with Notes.Pdf
    1 2 Five faculties: The Faculty of Health and Society The Faculty of Culture and Society The Faculty of Education and Society The Faculty of Technology and Society The Faculty of Odontology Five research centres: • Biofilms – Research Center for Biointerfaces • Centre for Sexology and Sexuality Studies • Centre for Work Life and Evaluation Studies • Malmö Institute for Studies of Migration, Diversity and Welfare • Internet of Things and People Research Center 3 Gross domestic product (GDP) is one of the most important socio-economic measures. GDP is the market value of all goods and services produced in a country during one year. Although GDP is not a perfect measure, it reflects the size of an economy. The most common way of descriBing economic growth is to state the increase of GDP over time. PPP is GDP adjust for price level differences across countries. G7 also called Group of Seven is an informal group consisting of seven of the world's largest industrialized economies: E7 emerging countries EU 27 is the European Union except UK G20 Group of Twenty Finance Ministers and Central Bank Governors – Argentina, Australia, Brazil, EU, France, India, Indonesia, Italy, Japan, Canada, China, Mexico, Russia, Saudi arabia, UK, South Africa, Southcorea, Turkey, Germany and US 4 We can se that GLOBAL GROWTH WILL SLOW : The global economy enjoyed a mini-boom between the end of 2016 and early 2018, when growth picked up in most major economies. This phase is now over, and in 2019 the G7 economies expectes to return to growth rates close to their long-run averages.
    [Show full text]
  • Cultural Governance in Contemporary China: Popular Culture, Digital Technology, and the State
    ! ! ! ! CULTURAL GOVERNANCE IN CONTEMPORARY CHINA: POPULAR CULTURE, DIGITAL TECHNOLOGY, AND THE STATE BY LUZHOU LI DISSERTATION Submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Communications and Media in the Graduate College of the University of Illinois at Urbana-Champaign, 2015 Urbana, Illinois Doctoral Committee: Professor Emeritus John Nerone, Chair Assistant Professor Amanda Ciafone Professor Emeritus Dan Schiller Professor Kent Ono, University of Utah ii ABSTRACT This dissertation is a study of the historical formation and transformation of the Chinese online audiovisual industry under forces of strategic political calculations, expanding market relations, and growing social participation, and the cultural ramifications of this process, especially the kind of transformations digital technologies have wrought on the state-TV-station-centered mode of cultural production/distribution and regulatory apparatuses. Through this case, the project aims to theorize the changing mode of cultural governance of post-socialist regimes in the context of digital capitalism. Using mixed methods of documentary research, interviews with industry practitioners, participant observations of trade fairs/festivals, and critical discourse analyses of popular cultural texts, the study finds that the traditional broadcasting and the online video sectors are structured along two different political economic mechanisms. While the former is dominated by domestic capital and heavily regulated by state agencies, the latter is supported by transnational capital and less regulated. Digital technologies coupled with transnational capital thus generate new cultural flows, processes, and practices, which produces a heterogeneous and contested cultural sphere in the digital environment that substantially differs from the one created by traditional television.
    [Show full text]
  • Chinese Public Diplomacy: the Rise of the Confucius Institute / Falk Hartig
    Chinese Public Diplomacy This book presents the first comprehensive analysis of Confucius Institutes (CIs), situating them as a tool of public diplomacy in the broader context of China’s foreign affairs. The study establishes the concept of public diplomacy as the theoretical framework for analysing CIs. By applying this frame to in- depth case studies of CIs in Europe and Oceania, it provides in-depth knowledge of the structure and organisation of CIs, their activities and audiences, as well as problems, chal- lenges and potentials. In addition to examining CIs as the most prominent and most controversial tool of China’s charm offensive, this book also explains what the structural configuration of these Institutes can tell us about China’s under- standing of and approaches towards public diplomacy. The study demonstrates that, in contrast to their international counterparts, CIs are normally organised as joint ventures between international and Chinese partners in the field of educa- tion or cultural exchange. From this unique setting a more fundamental observa- tion can be made, namely China’s willingness to engage and cooperate with foreigners in the context of public diplomacy. Overall, the author argues that by utilising the current global fascination with Chinese language and culture, the Chinese government has found interested and willing international partners to co- finance the CIs and thus partially fund China’s international charm offensive. This book will be of much interest to students of public diplomacy, Chinese politics, foreign policy and international relations in general. Falk Hartig is a post-doctoral researcher at Goethe University, Frankfurt, Germany, and has a PhD in Media & Communication from Queensland Univer- sity of Technology, Australia.
    [Show full text]
  • Low Carbon Economy Index 2011
    www.pwc.co.uk/sustainability Counting the cost of carbon Low carbon economy index 2011 November 2011 Foreword The results of the 2009 Index gave In sum, the 2011 PwC Low Carbon This is the third edition grounds for cautious optimism. We had Economy Index shows that the G20 got off to a slow start, no question. Since economies have moved from travelling of PwC’s Low Carbon 2000, globally, we had improved carbon too slowly in the right direction, to Economy Index, but may efficiency only 0.8% a year on average, travelling in the wrong direction. The be the first where the data against the 2% a year that was needed annual percentage reduction now to reduce carbon by 80% by 2050 and so required is 4.8% per year, a figure in point unambiguously limit global warming to 2 degrees. So excess of what has been proven to be towards one conclusion. there was a low carbon challenge. We historically sustainable. The results call needed to step up our improvements in into question the current likelihood of carbon efficiency. But the annual our global decarbonisation ever improvement needed at that stage was happening rapidly enough to avoid 2 still only 3.4% per year, a figure that a degrees of global warming. But 2011 has number of nations had achieved over thrown up a second challenge as well. sustained periods. On top of that was The events of the Arab Spring have the regulatory and investment stimulus shown the social, economic and political expected from Copenhagen. necessity of delivering not just low It was all to play for.
    [Show full text]
  • Charles Zhang
    In a little over 35 years China’s economy has been transformed Week in China from an inefficient backwater to the second largest in the world. If you want to understand how that happened, you need to understand the people who helped reshape the Chinese business landscape. china’s tycoons China’s Tycoons is a book about highly successful Chinese profiles of entrepreneurs. In 150 easy-to- digest profiles, we tell their stories: where they came from, how they started, the big break that earned them their first millions, and why they came to dominate their industries and make billions. These are tales of entrepreneurship, risk-taking and hard work that differ greatly from anything you’ll top business have read before. 150 leaders fourth Edition Week in China “THIS IS STILL THE ASIAN CENTURY AND CHINA IS STILL THE KEY PLAYER.” Peter Wong – Deputy Chairman and Chief Executive, Asia-Pacific, HSBC Does your bank really understand China Growth? With over 150 years of on-the-ground experience, HSBC has the depth of knowledge and expertise to help your business realise the opportunity. Tap into China’s potential at www.hsbc.com/rmb Issued by HSBC Holdings plc. Cyan 611469_6006571 HSBC 280.00 x 170.00 mm Magenta Yellow HSBC RMB Press Ads 280.00 x 170.00 mm Black xpath_unresolved Tom Fryer 16/06/2016 18:41 [email protected] ${Market} ${Revision Number} 0 Title Page.qxp_Layout 1 13/9/16 6:36 pm Page 1 china’s tycoons profiles of 150top business leaders fourth Edition Week in China 0 Welcome Note.FIN.qxp_Layout 1 13/9/16 3:10 pm Page 2 Week in China China’s Tycoons Foreword By Stuart Gulliver, Group Chief Executive, HSBC Holdings alking around the streets of Chengdu on a balmy evening in the mid-1980s, it quickly became apparent that the people of this city had an energy and drive Wthat jarred with the West’s perception of work and life in China.
    [Show full text]
  • Economic Research Working Paper No. 35
    Economic Research Working Paper No. 35 Ideas production and international knowledge spillovers: digging deeper into emerging countries Kul B. Luintel Mosahid Khan August 2017 Ideas Production and International Knowledge Spillovers: Digging Deeper into Emerging Countries Kul B Luintel, Cardiff Business School, Cardiff, United Kingdom Mosahid Khan*, World Intellectual Property Organization, Economics and Statistics Division, Geneva, Switzerland Abstract Research and Development (R&D) activities of emerging countries (EMEs) have increased considerably in recent years. Recent micro studies and anecdotal evidence points to industrialized countries as the sources of knowledge in EMEs. In this context, we examine ideas production and international knowledge spillovers in a panel of 31 EMEs by accounting for six diffusion channels and two types (national versus USPTO) of patent filings. Knowledge spillovers to EMEs accruing from (i) the industrialized world, (ii) the emerging world, (iii) different country and regional groups, and (iv) selected bilateral cases are modeled. Spillovers from the industrialized world appear robust via geographical proximity and disembodied channels only. Other conduits, including trade flows, are either insignificant or not robust. Spillovers from emerging world are virtually non-existent. Analyses of regional clusters of EMEs do not support any role of language, culture or geographical characteristics in knowledge diffusion. Overall, the breadth and depth of knowledge spillovers appear extremely moderate across EMEs; however, we find pockets (specific countries and certain groups) generating positive spillovers. A carefully choreographed policy focusing on such pockets might be fruitful. We hope that this study (i) complements the micro literature, (ii) furthers the existing macro literature and (iii) provides some new policy insights.
    [Show full text]
  • CHINA VANKE CO., LTD.* 萬科企業股份有限公司 (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 2202)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. CHINA VANKE CO., LTD.* 萬科企業股份有限公司 (A joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2202) 2019 ANNUAL RESULTS ANNOUNCEMENT The board of directors (the “Board”) of China Vanke Co., Ltd.* (the “Company”) is pleased to announce the audited results of the Company and its subsidiaries for the year ended 31 December 2019. This announcement, containing the full text of the 2019 Annual Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcement of annual results. Printed version of the Company’s 2019 Annual Report will be delivered to the H-Share Holders of the Company and available for viewing on the websites of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and of the Company (www.vanke.com) in April 2020. Both the Chinese and English versions of this results announcement are available on the websites of the Company (www.vanke.com) and The Stock Exchange of Hong Kong Limited (www.hkexnews.hk). In the event of any discrepancies in interpretations between the English version and Chinese version, the Chinese version shall prevail, except for the financial report prepared in accordance with International Financial Reporting Standards, of which the English version shall prevail.
    [Show full text]
  • 58Th IISL COLLOQUIUM on the LAW of OUTER SPACE (E7) Joint IAF-IISL Session on the Legal Framework for Collaborative Space Activities (7-B3.8) Author: Ms
    58th IISL COLLOQUIUM ON THE LAW OF OUTER SPACE (E7) Joint IAF-IISL Session on the Legal Framework for Collaborative Space Activities (7-B3.8) Author: Ms. Olga S. Stelmakh, Parliament of Ukraine / DRSH Group Int., Ukraine, [email protected] GLOBAL SPACE GOVERNANCE FOR ENSURING RESPONSIBLE USE OF OUTER SPACE, ITS SUSTAINABILITY AND ENVIRONMENTAL SECURITY: LEGAL PERSPECTIVE Abstract The paper will be focused on the dominant legal actions taken worldwide, more specifically at the regional and international level, towards responsible and secure use of outer space and ensuring of its sustainability. For this purpose the sufficiency of applicable legally binding norms elaborated at the beginning of the space era and extent of complementarity of the pertinent soft law provisions will be analyzed. It will also envisage legal grounds for regulating emerging space threats and a shaped framework for measures taken at all stages of space activities towards achieving of aforementioned objectives. The emphasis will be made on legal initiatives to manage the risks posed by dangerous space debris, destructive collisions, the crowding of satellites, the growing saturation of the radio-frequency spectrum, etc. In this line, the paper will provide an overview of such topical concepts as “space situational awareness”, “space traffic management” and “active debris removal”. Finally, the role of international cooperation through transparency and confidence-building measures designed to enhance coordinated actions in the context of concepts’ proper implementation will be examined. INTRODUCTION AND PREREQUISITES FOR States shall undertake appropriate A SECURE AND SUSTAINABLE SPACE international consultations before proceeding with ENVIRONMENT AND RESPONSIBLE any activity or experiment that would cause BEHAVIOUR THEREIN potentially harmful interference with activities of other States (art.
    [Show full text]
  • BRIC Economies & Foreign Policy
    BRIC Economies & Foreign Policy An Analytical Study Karthik Narayanaswami GOVT E 1897: American Foreign Policy Harvard University [email protected] I. Introduction In 2003, Goldman Sachs issued an investment report that coined the now-famous acronym, BRICs to jointly refer to the economies and states of Brazil, Russia, India, and China [1]. While these economies only reflected a small portion of the global GNP at that time, economists have projected that in 40-50 years, these nations may very well catch up to the OECD countries in their economic prowess. At the outset, these four BRIC nations are seemingly disparate; however, they have a common thread in that they are all developing nations with a significant growth potential. In this paper, we will evaluate the BRIC economies for their impact on American Foreign Policy, and how this policy has both affected those nations and their attitudes towards the US. In particular, we will be focusing on the following areas of interest to understand and identify the emergence of these developing countries as international blocs, and their impact on the US foreign policy: • Origin of BRIC • Economic Comparison & US Trade Relations • Political Comparison & US Relations • Institutional Standing • Conclusion II. Origin of BRIC At the outset, the choice for four seemingly unrelated nations into an economic category seems disingenuous. However, as we examine the historic economic data, a more detailed picture starts to emerge. For instance, in 2001 and 2002, the combined nominal GDP growth of emerging economies exceeded that of the G7 nations [1][2]. This is in line with a 2011 economic paper on GDP projections by the consulting firm PricewaterhouseCoopers, where the combined GDP of China and India alone was predicted to overtake most high-income OECD nations [3].
    [Show full text]