The nighttime economy stimulates consumption in Yiwu City, Zhejiang Province, China, July 14, 2024. /CFP
Editor's note: Zhu Fangfei is the director and researcher at the Research Department of the Institute for Public Policy of Zhejiang University. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.
In July 2024, the 33rd Summer Olympics was opened grandly in Paris. Under the spotlight of the global arena, people not only see athletes from various countries who are fiercely determined and striving with all their might, but also "made in China" products marching confidently onto the international stage.
A whirlwind of "Chinese intelligent manufacturing" is sweeping through Paris and the world.
Yiwu: China's manufacturing hub
While China is the world's manufacturing hub, Yiwu is China's manufacturing hub. According to Yiwu customs data, in the first half of this year, Yiwu's total import and export value stood at 324.77 billion yuan ($44.97 billion), a year-on-year increase of 20.8 percent.
Specifically, exports were 288.03 billion yuan, up 21.4 percent year on year.
Exports of sports goods and equipment saw a significant growth of 42.3 percent, with an export value of 5.02 billion yuan.
This year, marked by high-profile sports events like the European Championship and the Olympics, has spurred a global sports fervor.
Enabled by its vast product base and relatively complete industrial chain, Yiwu has robust capabilities for rapid production and delivery, which allows it to secure orders for multiple global events such as the Olympics.
Observing the world through a small window, Yiwu, known as the "world's supermarket," is showcasing the achievements of Chinese manufacturing since its reform and opening-up.
From the small decorations, Olympic mascots and souvenirs all over Paris to various sportswear, sports equipment and digital screens at the Olympic venues, products that are "made in China" and "made in Yiwu, China" are everywhere.
Evolution of Chinese manufacturing
Through Yiwu, we can see the growth path of Chinese manufacturing.
Chinese manufacturing has evolved from small workshop-style processing in the early days to the "smart factories" and "digital factories" of today.
It has transitioned from OEMs (original equipment manufacturers) with low value added to manufacturers of high-end products infused with technological innovation and vitality.
It has shifted from the business model of individual enterprises working independently to an industrial ecosystem model covering the upstream and downstream design, manufacturing, sales and export along the industrial chain.
China's manufacturing industry, represented by Yiwu's manufacturing, has iterated and upgraded, with independent brands sprouting up and gradually achieving "high-quality overseas expansion."
Smart home appliances, new energy vehicles and high-end and professional equipment are shipped from Chinese ports to global markets, marking an impressive transformation from the "world's factory."
For 14 consecutive years, China’s manufacturing sector has topped the world in terms of scale, occupying an important position in the global industrial division of labor and supply chain systems.
At the same time, the manufacturing sector is accelerating its transition towards high-end, intelligent and green development.
"Made in China" is gradually transforming into "intelligent manufacturing in China", with a significant elevation in the technological level and added value of products, making Chinese products a focal point on the international stage.
At the Paris Olympics, sports mats used in the judo and wrestling events were made in China. For example, the judo mats created by Taishan Sports incorporate smart chips and flexible piezoelectric film technology, allowing athletes and coaches to obtain relevant data such as force, speed and movement trajectory based on their needs.
Sports has injected new vitality in Yiwu's manufacturing businesses, Zhejiang Province, China, July 16, 2023. /CFP
How manufacturing helped develop China
The transformation of China's manufacturing industry is the epitome of the development of the Chinese economy.
With more than 40 years of reform and opening-up, China has steadily ranked second in the world in terms of GDP, with per capita GDP exceeding 12,000 U.S. dollars and a per capita disposable income of residents nationwide close to 40,000 yuan.
The Chinese economy is hailed as a "growth miracle" of developing countries.
The high-quality development of the manufacturing sector has been the "anchor" in the rapid development of the Chinese economy.
According to China's National Bureau of Statistics, in the first half of the year, the added value of major industrial enterprises nationwide grew by 6 percent year on year, with the added value of the manufacturing sector rising by 6.5 percent, outpacing the overall growth of industries by 0.5 percentage point.
The added value of the equipment manufacturing industry and high-tech manufacturing industry increased by 7.8 percent and 8.7 percent, respectively, faster than the overall industrial growth by 1.8 and 2.7 percentage points.
As China's manufacturing development continuously strives for improvement amid adjustment and transformation, the Chinese economy is bursting with new vitality in the process of reform and opening-up.
It has expanded and strengthened, achieving all-round leaps in scale, efficiency, technology and innovation.
New era brings new opportunities & new markets
Today, the new round of global technological revolution and industrial transformation coincides historically with China's shift to high-quality economic development, presenting both opportunities and daunting challenges.
Amid changes of a magnitude unseen in a century and increasingly close global economic and trade ties, the new force of Chinese manufacturing, represented by "made in Yiwu," will wholeheartedly embark on a new journey, deeply engaging in global economic development and sharing the fruits of China's economic reform with the world.
In such events as the FIFA World Cup Qatar 2022, Chengdu Universiade, Hangzhou Asian Games and the Paris Olympics, Yiwu has repeatedly seized opportunities, gaining favor in the global market.
Chinese manufacturing has made it to the international stage over and over again, establishing the China brand.
Chinese industries have continually transformed and upgraded, with numerous Chinese brands going global and Chinese enterprises moving from emerging markets to developed countries, allowing the world to rediscover China.