competitors. This was the policy followed by the US in the

15 May

competitors. This was the policy followed by the US in the

 in the 19th century and by Western Europe, Japan, and South Korea in the years after World War II.

China is no longer a poor country. It can no longer compete by using l

ow-wage labor. Fortunately, it has now developed world-class companies that are incr

easingly developing new products and services that can compete successfully in many foreign markets.

Now that it has reached middle-income status, China’s economic strategy will focus on creating a highly competitive dom

estic market that forces companies to produce high-value goods so they can pay high wages to highly skilled people.

Because of its long experience in manufacturing, much of th

at push will be focused on higher value-added production, using the new technologies of rob

otics, artificial intelligence, the internet of things and 5G. This is the only way to avoid the middle-income trap.

njywlfw.com