Unlocking Economic Growth: Key to Industrial Upgrading Revealed in Textile Industry
The article looks at how developed countries upgraded their textile industries over time. They found that most countries followed a similar path of upgrading their products, updating equipment, moving production locations, and improving management. Upgrading products was the most important step for long-term improvement, while updating equipment and moving production were only short-term solutions. The article suggests that China should focus on improving their products to help their industries grow and become more specialized.