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China is suffering its own ‘China shock’ (www.ft.com)

submitted 6 days ago by misk@sopuli.xyz to c/news

2 comments fedilink hide all child comments

Archive: https://archive.is/2025.03.25-050434/https://www.ft.com/content/7640fe64-006a-4d46-9564-cbb2bd89ebd4

Back in the heyday of China’s boom a decade ago, Zhou Yousheng’s shoe factory in Guangdong province employed more than 100 workers.

In those days, China’s abundant supply of cheap labour and highly concentrated supply chains made it a dominant force in low-end manufacturing.

The country’s share of global footwear exports, for example, hit more than 70 per cent just over a decade ago, according to figures from the World Footwear Yearbook.

But over the past decade, Zhou has gradually seen the competitiveness of his business erode amid stiff overseas competition, a burgeoning trade war with the US and weak domestic demand.

Wages in the manufacturing hubs of southern China, which were once the backbone of the country’s explosive economic growth, have risen steadily, while the competition from rivals in south-east Asia has become fierce.

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[–] melp 1 points 4 days ago

I am actually surprised China didn't have a secondary plan for WHEN the US eats its own shit...