BEIJING, November 25. /TASS/. China is effectively the world’s only industrial superpower today, accounting for 35% of global industrial output. Meanwhile, the dependence of US manufacturing companies on Chinese components is now three times higher than China’s dependence on the United States, Rosneft CEO Igor Sechin said at the Russia-China Energy Business Forum.

"By providing 35% of global industrial output, China is essentially the world’s sole industrial superpower today. The dependence of American manufacturing companies on Chinese components is now three times greater than the dependence of Chinese companies on the United States – and yet, 20 years ago, the situation was the opposite," Sechin said.

He emphasized that these achievements are driven by a colossal increase in investment in research and development. "Today, the volume of R&D funding in China exceeds the combined total of the European Union," Sechin added.