While not impossible, Sirkin believes it may be hard for the US to overtake China as the most competitive manufacturing nation.

"China is also developing new technologies and investments in research and development that drive manufacturing innovation, just like the US," he said.

Yang believes that China's recent shift in economic priorities will not hinder the nation's manufacturing competitiveness.

"The shift in China's economic policy to encourage more domestic consumption does not hurt but actually may help increase its manufacturing competitiveness as a larger domestic market may better ensure Chinese firms reap the benefit of the economy of scale and the associated lower unit cost of manufactured goods," he said.

Two regions, North America and Asia Pacific, dominate the competitive landscape in manufacturing, according to the Deloitte study. Canada, Mexico and the US are in the top 10 today and are expected to remain in the top 10 ranking five years from now. As many as five Asia-Pacific economies (Chinese mainland, Japan, South Korea, Taiwan, and India) are expected to factor in the top 10 by 2020, the study said.

The CEOs responding to the study said some of the top factors in determining manufacturing competitiveness include talent acquisition and development, cost competitiveness, and having a strong supplier network.

paulwelitzkin@chinadailyusa.com