China Starts Looking Beyond Its Era of Breakneck Growth
da: The Wall Street Journal
In this corn-growing hamlet in northern China, signs are emerging that the nation’s supercharged economic growth may be reaching its limit.
A bottomless pool of inexpensive migrant labor has long been one of China’s greatest resources, fueling its manufacturing boom. But all the able-bodied workers have left this village already, leaving mostly the elderly. “All the young men have gone out to work,” says Wang Shuzhen, 58 years old, whose two sons left town, one to work in construction, the other as a driver.
Fewer migrant workers are heading to China’s manufacturing zones along the coasts because villages like Dashimen are tapped out, putting pressure on wages and sparking worries about labor shortages. Job centers in the Pearl River Delta, the manufacturing heartland of southern China, had 9% more vacancies than applicants in the first quarter, according to a survey by China’s labor ministry.
The Chinese economic juggernaut is still outrunning these trends. Government data issued Thursday showed continued robust growth, but at…