This paper analyses Chinese manufacturing performance from a multilateral perspective in 1980-2004. The PPPs, relative price levels, labor productivity and ULCs in multilateral comparison are used to explore Chinese manufacturing competitiveness. The PPPs are based on the benchmark year 1997. These results are compared to the previous estimates based on the 1987 benchmark. The findings are as follows: the PPPs derived by the different approaches in the base year 1997 in Chinese manufacturing are approximately 3.7 yuan/international $. Since the middle 1980s, China’s relative price level has been the lowest among all five countries and declined during the period of time. Its ULC has also been declining with some fluctuation. In the 1980s, there was “no catch-up rapid growth” in its labor productivity. However, after 1992, a beginning has been made with catch up distinctly, though from a very low level. The paper analyzes Chinese manufacturing performance from a perspective on 1980-2004. The PPPs, relative price levels, labor productivity and ULCs in the multilateral are used to explore Chinese manufacturing competitiveness. The PPPs are based on the benchmark year 1997. These results are compared to the previous estimates based on the 1987 benchmark. The findings are as follows: the PPPs derived by the different approaches in the base year 1997 in Chinese manufacturing are approximately 3.7 yuan / international $. Since the middle 1980s, China’s relative price level has has the lowest among all five countries and declined during the period of time. Its ULC has also been declining with some fluctuation. In the 1980s, there was “no catch-up rapid growth” in its labor productivity. However, after 1992, a beginning has been made with catch up distinctly, though from a very low level