It seems that China is losing its charm as an attractive manufacturing hub, as many companies are now moving their production to other countries. The decision of tech behemoth Apple to shift some iPhone production from China to India became another wake-up call for the Chinese economy.
The momentum China gained at the very beginning of the 2000s is now gradually losing its strength. Back then, the country faced an actual manufacturing boom: the world's leading companies began to open factories there, which created more job and tax opportunities. However, the situation has drastically changed since then. Those companies are now actively shifting their production elsewhere. Even tech giant Apple ended up having a try in India.
In fact, Apple’s move to India is seen as a forced political decision. In light of growing political tension, hardly any company would want to stay in China. Instead, producers shift to other manufacturing hubs, including Vietnam, Taiwan, and India, which is, in fact, the second largest smartphone market after China. According to JP Morgan, Apple will be making about 5% of its iPhone 14 production in India by the end of this year, and 25% by 2025.
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