Two of China’s leading cities are raising their minimum wages despite the prospect of slower economic growth this year, a move that owners of smaller businesses warn could result in widespread closures given the sharp fall in demand from western economies.
The moves by Beijing and Shenzhen are likely to kick off what has become an annual ritual in China in recent years, of local governments racing to boost minimum wages.
But whereas they rose nationwide by 22 per cent on average over the past two years, the increases this year are set to be smaller because of the pressures on China’s export-reliant manufacturing sector.
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