Chicago, Oct. 16, 2023 (GLOBE NEWSWIRE) -- China serves as the global epicenter for a variety of industries, including electronics, semiconductors, and automotive. As one of the world's fastest-growing economies, China has successfully navigated the challenges posed by the pandemic, effectively mitigating its impact on the country's GDP. It is anticipated that China will stand as the sole major global economy to have evaded contraction and is poised to surpass its international counterparts, including the United States.
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The trade tensions with the United States prompted China to shift its focus towards European and Asian markets, where it is viewed as a promising source of growth in the post-pandemic world. Notably, in December 2020, the European Union (EU) entered into a comprehensive investment agreement with China, which is expected to boost trade in high-quality products like medical devices and wireless communication devices. Consequently, this will lead Chinese manufacturers to prioritize meeting the increasing demand, necessitating the extensive utilization of test and measurement equipment to ensure compliance with EU standards and other pertinent Asian norms.
China is actively engaged in various initiatives to advance and enhance test and measurement equipment. For instance, from May 17 to 19, 2023, China (Shanghai) hosted CMTExpo 2023, an international exhibition dedicated to metrology measurement technology and equipment. The primary focus of this event is the industrial metrology sector, encompassing measuring equipment, software, automation, sensors, calibration, and service providers. The event features brainstorming sessions and serves as a platform for end-users seeking solutions and industries looking to expand.
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Furthermore, in February 2022, China introduced new regulatory guidelines for equipment testing, specifically aimed at overseeing the evaluation and testing of defense equipment and enhancing the capabilities of advanced military systems and technologies. In April 2023, the Chinese government established a Communist Party Science Commission and collaborated with a select group of semiconductor companies that have access to government subsidies and engage in research and development efforts.
