Not the start of the decline of globalisation – just of China's dominance
Determined to have his FDR moment, Joe Biden’s latest policy seems likely to have put ...
The received wisdom currently says that because input costs in China – labour, land and energy – are steeply rising, consumer goods manufacturers are leaving for lower cost destinations. Here’s the counter-argument: in terms of value of exports, China’s outbound traffic is growing; it is progressively removing low-value, high-polluting industries from its industrial profile; and anyway, the countries it is losing some of its production bases to are affected by the same inflationary pressures.
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