For better or worse, two articles today point to a more mature economy here in China. One says,– China’s new generation picky about factory jobs. It claims that there are shortages of labor in manufacturing–something I heard from friends but could not quite believe–partly because of restrictions for too many people to get out of the agricultural sector.
The second is titled–China to bid on US high-speed rail projects. The irony here might be painful for some in the US, that high tech manufacturing needs to be imported from a country that has dominated low tech manufacturing over the last 25 years.
One of the difficult lessons of development economics is that investment somehow needs to encourage movement away from primary industry in favor of manufacturing and–finally–the tertiary sector. A subset of manufacturing might be a move from low tech manufacture toward high tech, where higher wages can be generated and better education can be rewarded.
That brings us back to the article on shortages in the labor markets, where younger workers are demanding more from a job than just a living wage.
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