These differences stem from the culturedress, religionphilosophysports, arts and languages. When we define the term East, it does not necessarily mean the direction in which the sunrises, but also the eastern hemisphere that includes a number of counties such as India, China, Japan, etc. Key between the East and the West can be identified through an examination of the people of the East and West, their history and societal construction.
US-China on July 1, Companies that reevaluate their China-based manufacturing operations can remain competitive despite inflation. This represents a compound growth rate of According to analysis by InterChina Consulting, China has reached the turning point at which it can no longer be considered a low labor cost production base, and it will likely never return to that status.
However, the negative implications of this trend have been Comparision between vietnam and uk wedding and distorted in many cases.
Foreign companies should consider factors other than costs and adopt strategies to deal with the cost issue in a strategic and sustainable way. For enterprises in China, there are critical decision-making factors to consider other than cost alone.
These include productivity in China, proximity to the local market, proximity to a high-quality supplier network, and the availability of quality labor.
High labor costs is just one element in a series of factors that have led to cost inflation in China. Many other costs that affect the bottom line of business operations have also spiked in China recently.
For example, the purchasing price indices for raw materials and other manufactured goods as inputs increased by an average of 4. In most of those years, price indices increased by 5 to 10 percent.
Utility prices for industrial usage in many of the 15 provincial capitals InterChina monitored also increased at a compound annual growth rate of 5 to10 percent after Increases in land rental prices have made regular headlines in recent months as well.
Quick Glance In addition to higher land and raw material costs, urban manufacturing wages in China have more than doubled from to Capital- and labor-intensive manufacturing operations should consider new strategies to deal effectively with cost inflation and remain competitive in China.
Some companies have moved operations to inland provinces or have automated production processes to mitigate rising costs. Despite these cost increases, many foreign companies still consider China an important market.
Proximity to the market has been a key determinant in Chinese investment decisions. Many people assume that companies that invest in China do so to export goods—but for the past 10 or more years this has been the exception rather than the rule.
In fact, foreign manufacturing companies in China export less than 25 percent of their gross industrial output, even after including the companies in Hong Kong and Taiwan, which generally post high levels of exports.
Given this steady interest in China as a global investment destination, it is important to understand the rising labor costs against the larger context of China as a maturing, yet robust market. Productivity gains, which were achieved largely through investment, have successfully offset the impact of the fast-growing labor costs in the past.
China is now, however, taking steps toward shifting to an economy driven by technology upgrades, innovation, and revamping of business models.
This trend is likely to continue to offset, at least partially, the impact of rising labor costs in coming years. Though labor costs in Vietnam and other low-cost countries are approximately one-half to one-third less than Chinese labor, productivity in many low-cost countries is considerably lower than in China.
Consumption will become one of the key drivers for business as China shifts from investment and export-driven gross domestic product GDP growth. In the future, firms that manufacture or design products in China for the domestic market will become more competitive.
Highlighting this trend, many Fortune companies have designated China as their second home country or second global headquarters. In fact, companies frequently cite less developed supply chains in many low-cost countries as a barrier to investment.
Even in the well-publicized case of Nike, Inc. The Outdoor Greatroom Co.
Companies that have so far chosen to reshore their manufacturing facilities have been export-oriented companies with little to no customer base in China and limited prospects for establishing such a base. In the past, these companies only manufactured in China because of the cheap labor costs, and the nature of their business in China has been considerably labor-intensive.
Factors such as concerns over quality, high shipping costs, and delays are likely to outweigh the diminishing labor-cost advantage.
Forty-three percent of respondents said their companies used China as an export platform to non-US markets, and 27 percent used China as an export platform to serve the United States.
Both capital- and labor-intensive operations will need new strategies to deal effectively with cost inflation and remain competitive in China. Some companies, such as Nike, have chosen to diversify their production locations to other low-cost countries, rather than drastically reduce the production base in China see chart.
Relocating operations to inland provinces and cities is possibly the most frequently mentioned approach to cost inflation in China.
Labor costs in inland cities are increasing at a faster pace typically 15 to 20 percent than in coastal cities typically 10 to 15 percentwhich means the current labor cost advantage in inland cities is temporary. The Eurasia Land Bridge railway line allows companies to export products to Europe in roughly 13 days, dropping from 36 or 37 days by container ship.United Kingdom.
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