The Chinese labor market has long been known as somewhat of a controversial topic. Many believe that China provides cheap labor for cheap materials and products to be exported. Chinese laws regarding employment age have also been the topic of much discussion. Children as young as five and six years old have been found to be working in factories and on assembly lines and they are rarely paid for their labors. When payment is made to these workers, it is usually pennies, hardly enough to keep a living and pay for necessities.
In the past few years, China’s working class has begun to fight back against these unfair labor conditions and many activists are speaking out against the conditions and low rate of pay. Laborers in China are doing all they can to earn a living wage as are many other nations all over the world. Now, with Chinese labor becoming more expensive, the effects could be much more far reaching than originally anticipated. Companies that rely on CHina to produce large amounts of product with cheap labor will likely have to find new countries with cheaper labor to work with. In turn, China may see a growth of domestic companies and local economies since the Chinese will be able to spend their money where they make their money.
China’s labor market could see a decrease in available workers because if they are to be paid more, they will need to have a higher educational standard for employees. This will cause some people to lose their jobs in hopes of getting them to pursue their education. Studies show that increasing population age and decreasing fertility rates is leading to a shortage of workers throughout China. This shortage of workers will have a large effect on the way business is run in China.
Technological innovations in china are also making jobs more and more obsolete. People are being replaced by machines and robots all over the country making the work shortage felt throughout the country. On the other hand, many of these technological innovations require an educated group of employees to develop and design them. Therefore, maybe if China moved some of the workforce into higher education, they may have to suffer an employee shortage while they build an educated workforce that will ultimately be worth more to the economy in the long-run. Providing cheap labor may benefit them in the exports market, but when looking at overall economic stability, China should consider raising labor rates and providing a good education for their workers.
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