Writes Far Eastern Economic Review:

From General Electric to Samsung Electronics to Toshiba, as well as thousands of Chinese companies, manufacturers are finding that using China as an export base is often more profitable--and almost always far easier--than selling goods inside the country.

The result is that China, once viewed by wide-eyed executives as the market of future riches, is instead becoming the world's factory floor. China's often-devastating competitiveness is helping to redraw the global corporate landscape, forcing companies around the world to scrap old business strategies--and some businesses altogether--and to come up with new ways to compete.

One upshot of China's emergence as a manufacturing powerhouse: It's becoming an increasingly powerful global deflationary force. China's manufacturing prowess is pushing down prices on a growing range of industrial, consumer and even agricultural products that it sells around the world.

Look at the stats the magazine quotes, stating that China [is] the world's fourth-largest industrial producer behind the United States, Japan and Germany, [and] makes:
- more than 50% of the world's cameras
- 30% of the world's ACs and TVs
- 25% of the world's washing machines
- nearly 20% of all refrigerators.