he has held full pnl leadership roles in industrial technology across multiple markets few people can make that comparison from lived experience across all four geographies

let me start with the numbers to put matters in perspective china produces roughly 4.7 trillion us dollars in manufacturing value added annually that is 28% of global output.

More than the former manufacturing powerhouses United States, Japan and Germany combined.

And we are not talking about one country being a slightly bigger factory than another.

We are talking about a manufacturing mass that took 40 years, one generation and an almost unreplicable set of conditions to build.

Those familiar with China have seen specialized manufacturing hubs with complete supply chain localized in closer proximity at a scale never seen before in the history of mankind.

Now the China plus one narrative is real.

Manuel's answer comes from the factory floor, not a slide deck.