Word: low-end
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...enough. Now, a slowdown in global growth and a likely full-blown recession in the U.S. are about to stress-test China's manufacturing sector like never before - and could result in the shuttering of thousands of factories and cost hundreds of thousands of workers their jobs. Makers of low-end goods are already suffering. The Guangdong city of Huidong was home to 3,000 shoe factories at the beginning of 2007, but as many as 500 of them have closed over the past 15 months, says Li Peng, secretary of the Asia Footwear Association in Hong Kong. One-sixth...
...economy and reduce employment. But policymakers also know their stance is fueling trade frictions and that exchange-rate appreciation is not always bad for job creation. A stronger currency could ease the trade surplus and fight domestic inflation. It could also help the country reduce its reliance on low-end manufacturing; a mightier yuan would encourage the development of higher value-added businesses and service industries, which have lagged manufacturing but hold greater promise for long-term job creation...
...increasing even faster, which tends to limit manufacturers' need to raise prices. Standard Chartered economist Gerard Lyons says that China's move into more valuable manufactured goods such as automobiles will in years to come have the same deflationary effects on world markets as the country's push into low-end manufacturing...
...officials and by those from the U.S. Federal Aviation Administration, which has an office in Shanghai to monitor the project. Beyond Asia, ACAC hopes to sell the jet in the U.S. and Europe. It's not clear if the recent spate of quality issues faced by Chinese manufacturers of low-end products, such as toys and clothing, will ultimately hurt ACACs chances. "Customers could hesitate because it's made in China," says O'Neill of Deloitte. "Airlines will be conscious of such talk...
...north of the Demilitarized Zone. There, 13,300 North Korean workers earning $70 a month churn out exports in conditions a former Western diplomat compares to a labor camp's. So far, 15 South Korean companies have opened factories in Kaesong, producing shoes, watches, mufflers and other low-end consumer goods; 150 others have signed...