Even though China has displaced the U.S. as the top manufacturing nation and accounts for more than 22% of the world's manufacturing, it doesn't stack up as well when populations are taken into account, according to this article. MAPI economist Daniel Meckstroth notes that China has four times the population of the U.S., which means the value-added of its manufacturing sector is lower in comparison. If population were considered in the rankings, China would drop to 10th place, he adds.

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