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China's manufacturing industry enters the stage of industrial strategic transformation
China's manufacturing industry enters the industrial strategic transformation period The recently released "Deloitte 2011 China Manufacturing Competitiveness Survey Report" pointed out that China's manufacturing industry has ushered in a period of industrial strategic transformation. Manufacturing companies need to be based on the long-term, analyze the impact of future trends on their own industries and enterprises, and develop strategies to solve internal technology upgrades and management upgrades. Manufacturing Industry Welcomes Industrial Strategy Transition Deloitte believes that China's low-cost leadership is facing challenges. From the perspective of development history, China's manufacturing industry has generally developed on the basis of low-cost strategy. “Made in China†has swept the world and the Chinese economy has maintained a huge trade surplus. However, with the exchange rate of the RMB against the US dollar and the rise in global resource prices, the cost advantage of China's manufacturing industry continues to decline. Recently, the Chinese government has proposed to increase the average salary of Chinese workers by more than 80% in 2015. This will, to a certain extent, reduce China’s competitive advantage in labor-intensive industries, especially in recent years. In the case of about half of China's per capita wages. Many multinational companies plan to reduce their purchases in China and intend to transfer manufacturing and processing links in labor-intensive industries such as clothing, shoes and hats to Southeast Asia. In knowledge-intensive industries, “Made in China†still has a high cost performance, especially in manufacturing industries such as machinery manufacturing, electronic communications and wind power equipment. However, China is still in a passive position in core technologies and patents. China will face challenges in the promotion of science and technology with its low-cost leading edge. Deloitte believes that China's manufacturing industry should adhere to the industrial strategic transformation with science and technology innovation as its program. Since the low-cost industry strategy is facing challenges, the differentiated competition strategy is promoted to the desktop. Behind the difference is that China needs to get rid of the competition of low-end products and rely on technological innovation to take a new road of industrial development. Although the Chinese government proposed the goal of building an innovative country in 2006, it clearly stated the requirements for upgrading the industrial structure in the 12th Five-Year Development Plan. However, from the reality of Deloitte's research, there is a gap between the government's goals and the execution of the company. Although the number of PCT patent applications filed by Chinese companies continues to rise, the distribution of patent applicants is extremely uneven. According to the 2010 data of the World Intellectual Property Organization, the number of patent applications filed by the first two companies of the Chinese PCT patent application accounted for 30% of the total number of PCT patent applications in China in that year, and the third-ranked company accounted for only 1%, while the top ten in the US during the same period. The company accounts for only 12% of all PCT patent applications in the United States. Except for the first Qualcomm company, which accounts for 4%, the other nine companies are around 1%. China's technological innovation is currently only a few companies concentrated in a few areas, and has not yet formed a system in the whole society. Although the government has set a series of industrial development goals, it proposes independent innovation and requires large enterprises to achieve 3% of research and development investment. However, at the implementation level, the effectiveness of large-scale manufacturing R&D investment lacks specific assessment targets. In the process of interviewing with corporate executives, we learned that some companies only use R&D funds to buy prototypes and conduct peripheral tests, but there are very few real core technology systems. Therefore, the R&D effectiveness and technological transformation of these companies The rate is still very low. Manufacturing companies must innovate and industrial value chains must innovate. In the process of participating in global competition in the future, China's manufacturing industry must not only realize the technological innovation of individual enterprises, but also strengthen the upstream and downstream organization and integration of the industrial chain, that is, realize the innovation capability of the industrial chain. Taking the automobile industry as an example, the automobile industry needs innovation, involving upstream engines, gearboxes, automotive electronics and parts and components enterprises. The automobile industry must achieve innovative development and cannot rely on the innovation of individual vehicle manufacturers, component companies, automotive electronics, Engines and other related fields must be simultaneously innovated so that they can pull each other and achieve the goal of overall industrial development. At present, the coupling degree between China's manufacturing industry chains is loose, and there is no synergy between the R&D system and the innovation mechanism. This is still far from the developed countries. The Yangtze River Delta will become more and more important Deloitte believes that the position of the Yangtze River Delta in China's future manufacturing industry will be further strengthened. Although the Chinese government has proposed a strategy to develop in the Midwest, we have found from actual surveys that more companies are still willing to expand their businesses in the eastern region or in markets where the market is prosperous. In this survey, the preferred area for new factory construction is the Yangtze River Delta region, followed by the Bohai Rim and Central China regions. In the interviews, corporate executives appreciated the business environment in the Yangtze River Delta region. They believe that the Yangtze River Delta region has excellent infrastructure, convenient logistics system, perfect supporting capacity, and good business environment. Even in the Yangtze River Delta region, the Yangtze River Delta region is superior to some western provinces. The advantages of Bohai Rim and Central China are that they have a good logistics base and talent reserves, and both are supported by the government's policies. The charm of the Pearl River Delta region, which once driven the development of China's manufacturing industry, has faded, even lower than that of the Southwest. 93.6% of China's export products are manufacturing products. Therefore, to some extent, the change in the proportion of exports in different regions of China also reflects the development trend of China's manufacturing industry. Since 2003, the proportion of Guangdong's exports has been decreasing year by year, while the Yangtze River Delta region is growing at a rate of one percentage point per year, and now has a 41% share of exports. In addition, the National Twelfth Five-Year Plan Policy proposes a new direction for the development of the manufacturing industry. National policies continue to promote the development of China's manufacturing industry. Given that government behavior plays a key role in the country's competitiveness, Deloitte surveys manufacturing executives' views on China's policies. Nearly 70% of respondents believe that the Chinese government's support policy is a key factor driving the development of its manufacturing industry; 62% of respondents believe that China's trade policy and economic development policy have played a positive role in the manufacturing development process. . Then there is the support of science and technology and innovation, the investment in infrastructure construction and the economic strategy of sustainable development. At the same time, 21% of respondents believe that corporate tax policies and intellectual property protection laws are not done enough, making manufacturing competition at a disadvantage in these areas. Seven strategic emerging industries are new directions All countries in the world are looking for the next round of economic growth, and began to pay close attention to the cultivation of strategic emerging industries that have a major influence on national economic development and national security. The Obama administration of the United States places great emphasis on technology development and industrial development of new energy, stem cells, aerospace, and broadband networks. Japan focuses on commercial aerospace market, information technology applications, new automobiles, low-carbon industries, medical and nursing, and new energy. industry. The 12th Five-Year Plan issued by the Chinese government clearly states that energy conservation and environmental protection, new generation information technology, biology, high-end equipment manufacturing, new energy, new materials, new energy vehicles and other industries will be regarded as the country's seven emerging strategic industries. The decision of the State Council on accelerating the cultivation and development of strategic emerging industries proposes that in 2015, the added value of the seven strategic emerging industries will account for about 8% of the GDP, and by 2020, the added value of strategic emerging industries will increase. The ratio of GDP to GDP is about 15%, and the ability to absorb and drive employment has increased significantly. The essence of the content of these seven strategic emerging industries is that the country has proposed a new direction for manufacturing development. Whether it is energy conservation and environmental protection as a pillar industry, a new generation of information technology, biology, high-end equipment manufacturing industry, or as a leading industry, new energy, new materials, and new energy automobile industries are closely related to the manufacturing industry chain, and also the upgrading of the manufacturing industry. New directions and new areas. The success of China's future development in these seven industries will be one of the key factors determining China's move from a manufacturing power to a manufacturing power. Further integration into the global economic system. With the strengthening of the trend of world economic integration, the Chinese government proposed in the 12th Five-Year Plan to further strengthen the international competitiveness of Chinese enterprises, optimize the structure of export products, and strengthen the integration of foreign capital into the global economic system. "The goal. It is not difficult to see that in the next five years, the Chinese government will promote two aspects in the development of globalization: First, industrial transfer, that is, transfer domestic labor-intensive and low value-added industries to low-cost countries; introduce capital and technology from developed countries. Double-intensive industries, high-tech and high value-added industries. In this survey, nearly 12% of enterprises expressed their willingness to invest and build factories overseas, and the region is mainly concentrated in Vietnam, India, Cambodia, Indonesia and other countries where labor costs are cheaper, and Vietnam is the most popular investment destination. Ground. According to industry analysis, the consumer product manufacturing industry (textile/clothing/shoes/cap manufacturing) is relatively more willing to invest overseas, and 20% of the consumer goods manufacturers surveyed plan to invest overseas. Labor cost is one of the important components of the cost of consumer goods manufacturing, and currently the labor cost of most Southeast Asian countries is about 50% of China. Considering the rise of China’s RMB exchange rate and the competition of the already low-end labor force in other industries such as China’s domestic service industry, some low-cost consumer goods manufacturing industries have gradually shifted to other emerging countries. We believe this trend will More and more obvious. The second is to strengthen capital utilization, that is, to support Chinese enterprises in cross-border investment in machinery, ships, railways and other industries. China currently has a large number of capital-rich companies to enter the international market to purchase global technology, brand and market channels, and as Chinese currency plays an increasingly important role in the international market, the purchasing power of Chinese manufacturing companies will continue to strengthen in the future. According to Dealogic, a London-based consultancy, in 2003-2005, the total investment of Chinese-funded enterprises in Europe was only 853 million US dollars, and climbed to 43.9 billion US dollars in 2008-2010. At present, overseas mergers and acquisitions of Chinese private enterprises have gradually become a new bright spot for cross-border mergers and acquisitions: Geely's acquisition of Volvo by US$1.8 billion has opened up the road for Chinese companies to acquire high-end brands in Europe; Sany Group, one of the flagship enterprises in China's machinery industry, is about to become China. The first construction machinery company that started production in Germany indicates that China's fast-growing industrial enterprises have begun to march into the European construction machinery market. As an economic power that gradually moves from developing countries to developed countries, China's use of its unique advantages and historic opportunities to go out and form a world-class leading enterprise will be one of the key to the sustained and rapid development of China's economy. China in 2011 Corporate overseas mergers and acquisitions will continue to maintain steady growth. Manufacturing companies must strive to enhance competitiveness. Operational excellence is an important way for Chinese manufacturing companies to enhance their competitiveness. Among the challenges faced by Chinese manufacturing companies, internal concerns are focused on product and service innovation, cost control, human resources, internal control and risk management, and financing. In the face of these business challenges, Chinese manufacturing companies can also make many changes. 1. Innovate products and services based on in-depth exploration of market demand. There are usually several ways to demonstrate the competitive advantage of an enterprise, that is, to ensure competitive product prices through cost leadership, or to create differentiated, personalized products through industry to achieve high profits, or to occupy a specific segment through innovation. market. The ultimate goal of innovation is to produce products and services that better meet market needs and even create market demand. Successful innovation is based on in-depth exploration of market demand. Apple has created a market demand for personal computers, smartphones, and tablets. Subversive products and strong brand power have made users' desire for their products and services far more sensitive than price; Sony's core competition Force is the product innovation ability, especially the miniaturization ability. It is the first to win the market of the newcomers. The core competitiveness of Panasonic is the coordination ability of quality and price. Panasonic does not seek new and only seeks the appropriate price after imitation. Attracting the market. These cases prove that in the full market competition, the precise grasp of the needs of the local market can give enterprises priority development opportunities. The QQ car system of China Chery Automobile is based on the accurate grasp of the needs of low-income people and young people. Starting from low-end products and accumulating and innovating high-end products, this is one of the roads that can prove successful in China. . China has a large population and a vast territory. Such a large domestic market will inevitably contain many different levels and different regions. Chinese manufacturing companies can find more market segments to complete their growth and development. Taking Huawei Science and Technology as an example, this China High Tech (600730, stock bar) technology manufacturing "aircraft carrier" from Shenzhen is full of vitality. It has maintained a rapid growth of 30%-40% in the past five years, reaching an income of 185.2 billion yuan. On the basis of the first market in China, it has achieved world-renowned success in overseas markets, especially in large developed countries, ranking second in the industry. Even more valuable is that this rate of growth has not been at the expense of gross margin and cash flow. Known close to customers, Huawei focuses on innovation and service. It always focuses on creating value for customers and achieving “win-winâ€. It is constantly advancing to the forefront of the industry chain, making its gross profit and cash flow growth even exceed sales growth. Focusing on core business, building a performance culture, and improving manufacturing efficiency require companies to focus on improving their core business competitiveness. Many enterprises blindly implement diversified operations while their main business is not yet competitive. Resources are scattered in multiple business areas, weakening the cultivation of core competitiveness and even losing the original advantages. At the same time, enterprises need to be based on medium and long-term development rather than short-term profitability. The medium and long-term development strategy will guide enterprises to pay more attention to brand building, talent cultivation and technology investment, which are undoubtedly the key factors to enhance core competitiveness. Improving efficiency also requires building a dynamic corporate culture, especially in a performance-oriented corporate culture. Through the establishment and improvement of the company's strategy, human resources, finance, team building and other assessment and assessment systems, an effective operating mechanism is formed within the company, which is characterized by the simplicity of the organization, the smooth flow of the process, the improvement of the process, and the proficiency of the work. The professionalization of employees, etc., thereby enhancing the market competitiveness of enterprises. In addition, the evaluation criteria of business managers should further tilt the growth and value of the company, thus motivating managers to be more innovative and courageous. 2. Clarify the corporate development strategy and consolidate competitive advantage through mergers and acquisitions. Mergers and acquisitions are an important way for companies to improve their competitiveness. Brands, markets, resources and technology can all be the intrinsic incentives for M&A. Successful mergers and acquisitions can not only help enterprises achieve low-cost expansion and leap-forward growth, but also have great significance for enterprises to achieve strategic transformation and foster new competitiveness. Mittal Steel, in just over a decade, relied on 136 mergers and acquisitions of endangered small factories, twice acquired world-class companies, and established ArcelorMittal, the world's largest steel company. Mittal's mergers and acquisitions have always been the consolidation of competitive advantages under the guidance of its overall strategic development goals. It has experienced three stages of low-cost expansion strategy, technology-oriented development strategy, and emerging market growth strategy. By selecting the right M&A targets, controlling upstream raw materials, adopting flexible M&A strategies and effective integration, Mittal has transformed a family business in India into the most global steel company in just over a decade. China's manufacturing industry is in a new wave of mergers and acquisitions, but it is important to note that mergers and acquisitions are a complex process involving economic, financial, legal, commercial, management and resource integration. Chinese companies need an in-depth understanding of the entire M&A cycle, from strategy development to M&A planning, advancement, decision making, implementation, and post-merger integration. On the operational level, companies need to consider whether their mergers and acquisitions can enhance their competitive advantages and how to effectively integrate them after mergers and acquisitions. Based on a large number of research and acquisition cases, they will continue to accumulate experience from practice. Only in this way can companies achieve Mergers and acquisitions opportunities are in place to improve the success rate of M&A transactions and enhance the competitive advantage. 3. Strengthen risk management and control and establish a risk early warning mechanism. The risks faced by manufacturing enterprises may come from various fields such as operation, market and finance. The impact will not only harm the vested interests and tangible assets of enterprises, but also damage the long-term negative impact of corporate reputation. Therefore, enterprises should continuously strengthen their risk management and control capabilities, strengthen their physical fitness, and establish a mechanism for “weather forecasting†and “stepping on the brakesâ€. Baosteel, located on the coast of the East China Sea, began to build a comprehensive risk management system from a few years ago and implemented it step by step and continued to improve. Up to now, Baosteel's understanding of risk management has deeply penetrated into all aspects of its strategy and operations. With such a mechanism and soft power, Baosteel continued to maintain its best position in the industry after the 2008 financial crisis. "Pre-establishment, no pre-emptive waste." We must go beyond the misunderstanding that "manufacturing companies are not like companies in the financial industry, and no risk management is required." China's manufacturing industry needs to establish a risk management and internal control system to help management prepare for new challenges beyond traditional quality and legal risks; and continue to use board governance reform and optimization, cultural construction and training, and information communication. Mechanism optimization, early warning and pre-planning are equally important to resolve new rounds of risk challenges and opportunities that may be faced in the future. Manufacturing companies ushered in new opportunities and challenges By analyzing the comparative advantages of China's manufacturing industry relative to other Asian countries, Deloitte found that the characteristics of the competitive factors are also the embodiment of the Matthew effect, that is, the stronger is stronger and the weak is weaker. Policy orientation can change the resulting imbalance of development factors. The Chinese government issued the 12th Five-Year Plan at the end of 2010 to consolidate and enhance traditional industries that are trapped in inefficiencies and other issues, while promoting rapid growth in seven strategic emerging industries, including energy and technology industries. development of. These strategic emerging industries, if they are successful in the future, will serve as a platform to supply high-value products to the domestic and global markets, and will also help solve difficult energy, climate, food and other resources challenges. In these industries, China is systematically leveraging its strong competitive advantage to strive to be a unique innovator and leader. Jump out of the local environment and look at the world. China is striving to turn unfavorable factors such as global economic turmoil and weak overseas markets into an opportunity for industrial restructuring and economic growth. In addition to actively exploring the domestic market, Chinese manufacturing companies have begun to deploy overseas from a strategic height. Some cash-rich companies are sourcing technology, brands and market channels on a global scale. At the same time, they are more efficient in leveraging capital leverage, taking advantage of historical opportunities and going out to form. Leading enterprise. Looking at the financial environment, the Chinese currency is now playing an increasingly important international role. It is undoubtedly helpful for dozens of free trade agreements around the world to allow Chinese companies to enter the market, put into production, and share product networks. To maintain China's competitiveness and to participate more deeply in the global value chain in the next stage. The future direction of China's manufacturing industry has brought new opportunities and challenges to manufacturing companies. Manufacturing companies need to take a long-term perspective, analyze the impact of future trends on their own industries and enterprises, and formulate strategies to solve internal technology upgrades and management upgrades. In the long run, this will be the source of power to create corporate wealth and national wealth.