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China's estimated employed labor force in 2005 totaled 791.4 million persons, about 60% of the total population. During 2003, 49% of the labor force worked in agriculture, forestry , and fishing ; 22% in mining , manufacturing , energy , and construction industries; and 29% in the services sector and other categories.
The increased labour costs have resulted in some foreign firms exiting the country, in search of countries where labour cost is cheaper, like Thailand and Philippines. Other countries apart from China are beginning to provide raw materials at a lower cost, leaving manufacturers with more choices as regards their suppliers.
Minimum wages under such policies increased by an average 12.6 percent rate between 2008 and 2012. However, the growth rate of minimum wage levels decreased in 2016, reflecting the Chinese government's effort to reduce pressure on enterprises resulting from the uneven growth between labor costs and production rates. [1] [2] [3]
Development of average annual wages 2000–2023 (USD PPP) [2] Country 2000 2010 2020 2023 Luxembourg * 67,932 75,124 78,977 85,526 Iceland * 61,066 58,131 75,022 ...
Considering the labour cost, businesses tend to move production to the western region where the minimum wage is lower. In 2020, under exceptional circumstances of COVID-19 pandemic , majority of provincial governments issued notice allowing no adjustment of minimum wage on the previous year's rate.
During the 1980s, low labor costs made China one of the major producers of inexpensive manufactured goods. [35]: 163 By 1984, agricultural production had boomed following the institution of the household responsibility system, which replaced collective farming.
Communications equipment accounted for 12%, or $47 billion, of the $401 billion worth of goods the US imported from China last year, not accounting for December, making it the single top category ...
The following list of countries by labour productivity ranks countries by their workforce productivity. ... China: 15.4 2023