China is on track to overtake US as the world’s top technology exporter August 2, 2021 August 2, 2021 admin

China is poised to overtake the United States as the global technology exporters, with China accounting for more than half of the growth of global technology companies between 2015 and 2020, according to a new report by research firm KPMG.

The report also said China’s industrial base is now more diverse than at any time since the Industrial Revolution.

While Chinese companies have been the fastest-growing in Asia, the US still leads the world in the percentage of total technology exports.

It has accounted for nearly 80 percent of the world total since 1980, and it is expected to surpass the United Kingdom, France and Germany in the coming years.KPMG said it expected China to surpass Germany as the top technology market by 2020, with the United Arab Emirates, Russia, India and Brazil expected to follow.

China’s manufacturing sector has grown rapidly in recent years, with exports to the United Nations and international organizations up 40 percent in 2016, and the country is forecast to export more than $2 trillion of goods this year.

“The US is one of the most dynamic and diverse economies in the world, and China is quickly taking advantage of that,” said David McAllister, the chief executive of KPMg, in a statement.

The KPM, the largest consultancy in China, says the United Sates technology exports to China grew at the fastest pace in the G7, overtaking Germany’s growth in the third quarter.

It added that China’s exports of automotive and aerospace equipment grew at their fastest pace since 2011.

Kpmg also forecast that Chinese companies will dominate the global semiconductor market, with about 50 percent of all chips made in China.

In contrast, the United STATES is forecast by the consultancy to remain a leader in semiconductors, and has seen an average of about 1.5 percent growth per year in the last decade, with a much higher share of its semiconductor exports coming from the United states.

The U.S. also leads in the manufacturing sector, with KPM’s estimates projecting that American firms will export $1.9 trillion of manufactured goods in 2020, an increase of more than 60 percent from the previous year.

China’s manufacturing exports, meanwhile, have been down.

China is also expected to overtake Russia as the largest export market for the semiconductor industry.

The report expects China to make up more than one-third of all semiconductor chips sold worldwide by 2020.