For most of the past decade China has been the undisputed “factory floor for the world”, sucking in raw materials and churning out cheap manufactured goods for export across the globe.
But today there are growing signs that the country is losing its biggest advantage as a manufacturing export base – abundant cheap labour – as wage increases push up costs for producers and currency movements threaten to wipe out razor-thin profits.
Last year, in the midst of the global economic crisis, China was surpassed as the world's lowest-cost components manufacturer by both India and Mexico, according to a preliminary study by AlixPartners business consultants.
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