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China to be Workshop of the World
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China, a rising power
An article in the newly published American magazine indicated that China is going to be a workshop of the world with a large number of high-quality technical personnel and huge markets. Earlier, also pointed out the former "Four Small Asian Dragons"---Singapore, South Korea, and the regions of Hong Kong and Taiwan had spotted that everyone's property is all connected with China, a rising economic power.
"Fortune" analyzed that 10 years ago China exported mainly toys, textiles and other cheap products, but now it has become a reliable and stable producer of high-value and high-technologically sophisticated products.
Increasing enlarged market
It noted that China is not only a low-cost exporting platform for multinational companies, but also an increasingly enlarged market. When SMIC first established a Shanghai-based factory, 80 percent of its clients were from the United States and the Taiwan region. But now half of its products are sold in the Chinese mainland. The executive CEO with SMIC said that the company's customers in China are still increasing in number. The article noted actually what executive CEOs with multinational companies are now considering is how much and when should they transfer their production capacity to China instead of whether they should do it or not.
Analysts indicated that five years ago foreign investors cast their eyes on China's low tax rate, cheap labor force and vast market but lacked confidence in the quality of engineers; However, there have emerged a multitude of high-quality talents in both the coastal and inland areas nowadays.
(People's Daily February 26, 2002)
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