International Chamber of Commerce Honorary Chairman Dr Victor Fung in Hong Kong yesterday to attend the first forum that the mainland labor wages rose an average of two to three this year, as estimated in the next few years, a continuing rise in wages, coupled with rising commodity prices, companies face the pressure of rising costs expected future prices of export products for new orders, there will be one to one into a half into the increase.
He added that, due to increased product costs, expected more companies to the Mainland's development of inland cities, while the mainland export prices, also helped narrow the U.S. trade gap.
While many companies worry about the impact of rising wages mainland, but Fung pointed out that the next few years and wages continue to rise, long-term help to stabilize society. Meanwhile, the service sector currently accounts for three percent over the mainland economy, lower than other countries, future growth in the services sector space is very large. He also believe that the future exchange rate will steadily rise and the dollar should be pegged to the U.S. dollar.
CITATION http://www.chinaleather.org/eng/show.php?itemid=5619
He added that, due to increased product costs, expected more companies to the Mainland's development of inland cities, while the mainland export prices, also helped narrow the U.S. trade gap.
While many companies worry about the impact of rising wages mainland, but Fung pointed out that the next few years and wages continue to rise, long-term help to stabilize society. Meanwhile, the service sector currently accounts for three percent over the mainland economy, lower than other countries, future growth in the services sector space is very large. He also believe that the future exchange rate will steadily rise and the dollar should be pegged to the U.S. dollar.
CITATION http://www.chinaleather.org/eng/show.php?itemid=5619
