Analysis Of The Impact Of American Re-industrialization Strategy On International Competitiveness Of Chinese Manufacturing

In the 1960 s,the United States began to deindustrialization,transferring labor-intensive industries and heavily polluting industries to other countries.In the following decades,the United States paid more effort to deindustrialization,Leading to economic problems such as overheating of the virtual economy and hollowing out of the industry.The international financial crisis that erupted in 2008 brought a heavy blow to the US virtual economy,which led to the expansion of the trade deficit,the increase in the number of unemployed people and social unrest.To this end,the Obama administration proposed a re-industrialization strategy in 2009 to attract manufacturing returns,which aim to increase employment rates,develop the real economy,and curb the development potential of emerging economies such as China.During the decade of the implementation of this re-industrial strategy from 2009 to 2018,the US re-industrialization strategy achieved remarkable results: output of manufacturing is increasing,import and export trade is improving,and a sharp drop in unemployment.Under the background of re-industrialization in developed countries such as the United States,Chinese manufacturing industry faces many pressures.In the past 40 years of reform and opening up,although China's manufacturing industry has achieved tremendous development,China's manufacturing industry is facing a big but not strong embarrassment.The manufacturing industry is concentrated on primary manufactured goods and low-tech finished products,with low labor productivity,weak independent innovation capability and serious natural resource consumption.Under the back ground of re-industrialization,Chinese manufacturing industry faces complex and arduous challenges,Including industrial transfer of traditional manufacturing to Southeast Asian countries and competition with developed countries in the high-end manufacturing industries.As the second largest trading partner of China,There are a high dependence on foreign trade relations of China to the USA.The implementation of US political and economic policies has a profound impact on the development of China's manufacturing industry.This paper studies the impact of the US re-industrialization strategy on China's manufacturing industry,and provides reference for the industrial layout planning,development direction and optimization of Chinese manufacturing industry.This paper compares the structure of export commodities and the export destination of China's manufacturing industry since the implementation of US re-industrialization,and divides manufacturing products into primary manufactured goods,resource-based finished products,low-tech finished products,and medium-tech finished products and high--tech finished products according to HS1992.The market share index,the display comparative advantage index and the comparable net export index of these five categories of finished products were compared.According to the analysis of the structure of export commodities,low-tech products and medium-tech products have a Large share in the total manufactured goods China exports to the United States,accounting for about 70 %,The proportion of High-tech manufactured products has increased year by year.The analysis of the composition of export commodities shows that the main trading partners of China are the European Union,the United States and Japan,the proportion of exports to them has generally decreased,while the proportion of exports to other Asian countries and third world countries such as Africa is rising.The analysis of market competitiveness indicators shows that the export competitiveness of different types of manufactured goods in China aligned from high to low: low-tech manufacturing products,high-tech manufacturing products,medium-tech manufacturing products,resource-based finished products and primary manufactured products.The market competitiveness of high-tech manufacturing products,medium-tech manufacturing products,and resource-based manufactured goods is not much different.Dynamically,after the implementation of the US re-industrialization strategy,the international competitiveness of China's low-tech manufacturing products and medium-tech manufacturing products has declined the most,the international competitiveness of resource-based manufactured goods and primary manufactured goods has been reduced to some extent.The international competitiveness of high-tech manufacturing products is stable,showing a steady but rising trend.In addition,this paper regards the value added of American manufacturing industry as a concentrated expression of re-industrialization,empirically analyzes the relationship between China's manufacturing competitiveness index and the value added of US manufacturing industry.The research results show that there is a reversal between them,the US re-industrialization strategy has caused the decline of Chinese manufacturing competitiveness,which has the greatest impact on low--tech manufacturing products and medium-tech manufacturing products.On this basis,an econometric model is constructed to analyze the impact of foreign investment US to China,exchange rate between dollar and RMB and the total number of US-to-China dual-reaction surveys on the competitiveness of different types of manufactured goods in China.The empirical results show that the foreign investment of US to China has the greatest impact on Chinese manufacturing industry,exchange rate between dollar and RMB has a large negative impact on medium-tech manufactured goods and low-tech manufactured goods.The impact of the total number of US-to-China dual-reaction surveys is weak.Based on the above conclusions,this paper provide reasonable advice to the company and the government for responding to the US re-industrialization strategy.