Good news for
The announcement by
"More and more companies are telling us that wages are rising faster than they expected," says
"The quality of the workforce in
According to BCG projections,
And the trend is likely to continue beyond 2015. A growing appreciation of the Chinese currency, higher education standards and a declining workforce will drive Chinese salaries up for decades to come, economists say.
A new joint report by the
That is because, among other reasons, the population is getting older, Chinese workers tend to work fewer years than their counterparts in other countries, and the supply of rural workers moving to the cities is drying up, the report says.
Most multinational companies will maintain plants in
While in 2002
My opinion: Either way,
But to lure foreign manufacturing plants and to export increasingly sophisticated goods and services to
Granted, these are major challenges. But Latin American countries that realize the golden opportunity they have thanks to
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