China must focus on top products, experts say

China needs to break the monopoly of developed countries in high-value added manufacturing to move up the global chain, said experts on Wednesday at a forum on economic restructuring.

Developed countries hold a monopoly in areas such as technology and marketing and developing countries, if they are unable to break the monopoly, are going to suffer stagnant growth as they run out of advantages in cheap labor, said the experts.

Vice-Minister of Commerce Wang Chao said that it is critical for various countries to know their position on the global value chain and overcome trade protectionism.

“As telecommunication and transportation costs drop, products are now being produced in different countries and regions,” he said. “The restructuring of resources has further enhanced the interdependence among nations.”