China Fcatory Floor Of The Worls

China s economy is at a significant crossroads as it enters 2011 with wages rising rapidly and the labor force particularly of migrant laborers starting to shrink.

China fcatory floor of the worls.

With covid 19 infecting millions across the world china is facing an unprecedented global backlash that could destabilise its reign as the world s factory of choice. The world s factory china s prodigious exporters have some new tricks. China continues to be the most important hub of global value chains reuters can india replace china as the world s factory. Photo by lim ck middle.

Yet china was not perceived for its innovation. The shift is causing many. Wages are a fraction of those in the us and six times cheaper than mexico averaging about 40 us cents an hour for a factory worker. China is the 2nd largest market for fast food icon mcdonald s starbucks has 3 400 stores in china on the way to 7 000 apple sold 52 billion worth of product to chinese consumers last year.

Guangzhou the capital of guangdong province became one of china s major ports and trading centers in the middle of the 18th century. China s vast pool of cheap labour is a major reason for its success. Sherry a manager with. China is home to approximately 1 39 billion people which makes it the most populous country in the world.

The law of supply and demand tells us that since the supply of. As growth has eased since 2012 with gdp growth slipping below 7 in 2015 businesses are now forced to consider the new normal of declining returns on capital diminishing cheap labour. At least 100 million migrant workers from poor rural districts are seeking work in the cities according to chinese government figures. Rather it was the factory floor of the world with low labour costs and a rapidly growing consumer base.

Factory in huizhou guangdong photo by dcmaster.