China should slow wage growth to stay competitive: human resources minister
[BEIJING] China should slow down the pace of wage increases in order to maintain competitiveness, human resources vice minister Xin Changxing said on Friday.
Several Chinese provinces have slowed or halted rises to the minimum wage, as Chinese companies face pressure from rising expenses and weakening demand.
The government is also looking to lower the social benefit cost burden on companies.
Lower wage growth could also help Chinese companies better compete with overseas low-cost centers for export orders.
Despite rising labour costs, China continued to gain global export market share last year.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month
China firms are investing abroad at fastest pace in eight years
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs