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China under threat from emerging markets
China is in danger of losing its competitive edge as competition in the Far East hots up, according to a new poll.
The survey, carried out by the American Chamber of Commerce in Shanghai and consulting firm Booz Allen Hamilton, found that over half of foreign manufacturers questioned said they believed that the appreciation of the yuan was the key reason for lost competitiveness.
Nearly two-thirds of respondents (63%), said that Vietnam was fast emerging as the favoured alternative destination, closely followed by India.
A further 52 per cent attributed China's decline to rising wage costs with average annual compensation for white-collar managers and blue-collar workers growing 9.1 per cent and 7.6 per cent respectively.
"The manufacturing philosophy employed by many foreign multinationals in China in recent decades is in need of an overhaul," said Ronald Haddock, vice president of Booz Allen.
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