China Needs a Service-Sector Revolution
With a wave of strikes pushing up wages and making exports of manufactures more expensive, China will have to grow by producing something else. It will have to move away from a strategy in which manufactures are the engine of growth toward the model of a more mature economy, in which employment is increasingly concentrated in the service sector.
https://prosyn.org/5myD8TJ
BEIJING – China is getting its exchange-rate adjustment whether it likes it or not. While Chinese officials have announced their intention of letting the exchange rate move, only time will tell whether their talk is accompanied by deeds. In the meantime, manufacturing workers are voting with their feet – and their picket lines.