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Does a Growing Worker Shortage Threaten China's Low-Cost Advantage?
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| Contributor | RP |
| Last Edited | RP May 18, 2006 03:00am |
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| Category | Analysis |
| News Date | Monday, May 15, 2006 08:00:00 AM UTC0:0 |
| Description | China’s hold on the title of low-wage manufacturing giant may be in jeopardy. This year, a job program designed to entice migrant farmer-laborers into Chinese cities fell short of expectations, as many workers chose local rural employment. This reflects a general labor shortage in regions of the country and possible fallout from governmental tax and labor policies that encouraged farming. With farm income steadying and even increasing, migrant workers see little improvement in pay or quality of life with urban employment. Meanwhile urban companies prefer workers who are young or skilled in technology, leaving many Chinese migrants unemployed. With China’s increasing economic development, the demand for better-skilled, efficient labor rises, and that could eliminate the bargain-basement prices that China can offer to foreign consumers and investors. Some analysts suggest that China could lose its competitive advantage, based on low wages, within the decade. China and the world must not only develop skilled labor, but also find ways to manage massive numbers of unskilled workers. |
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