China overtook Japan as the world's second largest manufacturing base by the end of 2009, second now only to the United States.

The country made up 15.6 percent of the total output value of global manufacturing industries, compared with the United States' 19 percent and Japan's 15.4 percent, according to Wang Zhongyu, President of the China Enterprises Council.

But most Chinese manufacturers are still focused on low-end products with less added value and have little presence in service businesses, said Wang. Service companies account for 58 percent of all U.S. manufacturers, far above 2.2 percent of China.