China has been the power engine of global economic growth since the Chinese Communist Party embraced free market economics some 30 years ago. What leveraged China’s momentous success has been its people, or – to be more precise – the enormous number of cheap labour that migrated from the rural areas to the cities, some of which had to be built from scratch in order to accommodate millions of new residents. Low wages, foreign investment and open markets made China the manufacturing powerhouse of the world. But things have changed since those halcyon days of easy growth.
Courtesy of The Huffington Post. By George Zarkadakis