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China challenged by cheaper labour |
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Although China is often cited as a place that businesses favour due to low labour costs, Chinese businesses are now being advised to head out of the country in order to take advantage of even cheaper labour in Asia, reports business consultancy firm Croner.
A Chinese researcher told a business forum that setting up an operation in Vietnam would be much cheaper than an equivalent operation on the Chinese mainland, according to figures from the Hong Kong Exporters' Chamber of Commerce. You Aiqiong, a researcher with the Guangdong Provincial Academy of Social Sciences, said that a garment factory with 1,000 workers would need an investment of between six and seven million Hong Kong dollars in Vietnam. The same factory would cost many times that amount if it were set up on China's mainland, however. Mr Aiqiong advised that businesses using a lot of labour should take advantage of a new agreement between China and the Association of South-East Asian Nations (ASEAN). It just goes to show that there always seems to be countries willing to provide cheaper labour in a globalised economy.
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