CNC Turning and Milling Titanium Parts
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After decades of rapid economic development in China, fundamental changes have taken place in the basic economic conditions at home and abroad on which foreign trade depends. On the one hand, with the rapid rise of domestic factor (especially labor) costs, the international competitive advantage formed by long-term dependence on low factor prices is gradually lost, and other countries such as Vietnam and India are replacing China's competitive advantage gained in low-end industries. Therefore, from the perspective of production costs, China's industrial competitiveness of foreign trade must be transformed and upgraded from the traditional manufacturing and low-end value chain links to high-tech industries and high-end value chain links. Value-added products are transforming into capital, technology and service-intensive high value-added products. On the other hand, the fourth industrial revolution is driving humans into the digital economy era, and global trade will be dominated by goods trade to digital (especially services)
Trade-led. Under this trend, the driving force of foreign trade development must also shift from factor-driven cost and price advantages to innovation-driven comprehensive competitive advantages. Technology, brand, quality, service, and standards will become the core elements of competition. Based on data observations for several years, China has been quite effective in cultivating new advantages in foreign trade competition and achieving high-quality foreign trade development. Especially in recent years, by stimulating the innovation vitality of trade entities, China's foreign trade is smoothly advancing quality reforms, efficiency reforms, and dynamic reforms, which are specifically reflected in the structural transformation of trade methods, trade entities, trade industries, and the continuous development of new business models. Development
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