Re: Case for an "L" Shaped Recession
in response to
by
posted on
Apr 19, 2008 07:08AM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
But Chinese factory worker wages are going up much faster, which is why Chinese companies are outsourcing to cheaper places like Vietnam.
"On a per-capita basis, the average Chinese worker earned an annual wage of 12,422 yuan ($1,630) in 2002, or 1,035 yuan ($136) per month. As of 2006, they were making 21,001 yuan ($2,756) a year, or 1,750 yuan ($230) a month."
That is 70% wage inflation in five years.