China has struggled to develop the machine tools essential to manufacturing, despite making major advances in artificial intelligence, solar power, semiconductors and electric vehicles.
High-end machine tools, used to make everything from jet engine parts to tiny circuit board components, continue to be built and supplied to China by Japanese, European and US companies.
“Machine tools are probably the last quandary for China’s manufacturing sector,” said Xiao Feng, an industrials analyst at CLSA.
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