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Praise for The End of Cheap China
"The End of Cheap China is an indispensable guide to the rapid changes in China's economy and society. Shaun Rein has observed firsthand the developments that shape the attitudes and behavior of his own coming generation. His firm has analyzed, as well as helped shape, the markets he describes. A practical must-read for anyone dealing with China, doing business there, or simply trying to understand what is ...
Praise for The End of Cheap China
"The End of Cheap China is an indispensable guide to the rapid changes in China's economy and society. Shaun Rein has observed firsthand the developments that shape the attitudes and behavior of his own coming generation. His firm has analyzed, as well as helped shape, the markets he describes. A practical must-read for anyone dealing with China, doing business there, or simply trying to understand what is going on."
—Ambassador Nicholas Platt, President Emeritus, Asia Society, author of China Boys: How U.S. Relations with the PRC Began and Grew, A Personal Memoir
"A core thesis behind the launching of my China fund in 2010 was that the drivers of China's economy were changing. Shaun Rein's new book examines these trends in detail and their important implications."
—Anthony Bolton, President, Investments, Fidelity Worldwide Investment; Head, Fidelity China Special Situations PLC
"Shaun Rein is a keen observer of contemporary China. He has an eye for the detail that unfolds a larger story. He is a student of Chinese culture and history and a practitioner of its present. He knows the markets and consumers of a maturing—but still dynamic—Chinese economy. As 'cheap China' comes to an end, Rein's insights are all the more valuable."
—William C. Kirby, Spangler Family Professor of Business Administration, Harvard Business School, T. M. Chang Professor of China Studies, Harvard University
Chapter 1 Chinese Billionaires Outnumber American Ones 1
Chapter 2 Cheap Chinese Labor? Not Anymore: China’s Workers Are Demanding Better Pay and Better Conditions—And They Are Earning Them 19
Chapter 3 Stability Is the Key to Happiness: How China’s Government Thinks and Why It Acts the Way It Does 39
Chapter 4 The Modern Chinese Woman 63
Chapter 5 Why Chinese Consider Kentucky Fried Chicken Healthful: China’s Iffy Food Supply Chain Is Putting a Premium on Safe Food 85
Chapter 6 Understanding Corruption in China: What China’s Underground Sex Trade Shows About Its Government 103
Chapter 7 China’s Real Estate Sector: Boom or Bust or Something Else? 125
Chapter 8 Chinese Neo-Colonialism in Africa and the End of American Hegemony? 147
Chapter 9 China’s Educational Sector: Preventing China From Cementing Its Superpower Status 171
Chapter 10 What the End of Cheap China Means for the Rest of the World 191
Author Q&A for The End Of Cheap China
1. What is your background with the Chinese economy?
I first came to China in the 1990s and studied it as a graduate student at Harvard. At that time, the word "cheap" summed up China. Land prices and salaries were low and the quality of China's production was inferior. It was still difficult to find a decent job. When walking outside the gates of factories, you used to run into swelling crowds of unemployed workers with cardboard signs touting their skill sets in the hopes of finding a job. That has all changed in the last decade due to the job creation spurred by multinationals investing billions of dollars. Now the biggest obstacle to growth in China for most firms is finding talent even with China's large population.
2. What are some of the biggest economic or cultural disruptions happening now in China that people and businesses should pay attention to?
Too many businesses underestimate how fast costs are rising in China and how rising costs won't change anytime soon. In 2011, 21 of China's 31 provinces increased the minimum wage an average of 22%. The government has set a plan to raise the minimum wage by 13% annually for the next five years to spur domestic consumption and wean away the country's reliance on exports. Many companies might be forced to relocate manufacturing to lower cost countries like Indonesia. However, the reality is China's work force and infrastructure is far superior, so China won't lose its dominance in manufacturing. The resulting higher input prices will force companies to accept squeezed margins or they will have to transfer higher costs to end consumers. Instead of being a deflationary force in the global economy, China will export inflation to the rest of the world. Already import prices from China in 2011 in America were up 3.6%, the highest on record. Consumers around the world better get used to seeing higher priced products in stores.
3. What kind of global impact will "The End of Cheap China" have?
Aside from higher costs, the End of Cheap China means that China as a nation will become more powerful in global affairs which could cause more friction. Chinese companies will not only be investing more in countries like Canada to secure access to natural resources but Chinese brands will start selling products abroad and acquiring western brands, as Chinese auto manufacturer Geeley with its acquisition of the Volvo brand. It also means China's government will take a larger role in global institutions like the United Nations and G20 in order to safeguard its interests. The key to China's rise as a superpower is to ensure that it is integrated enough into world affairs to reduce possible tension and to stop the fear-mongering and hysteria about China's rise.
Posted May 22, 2012
The world is flat, the world is round...different authors have different philosophies of economics. Read this book and see how both may be right; the real question is what is best for America and the world. Cheap China is keeping the peace in China (workers have jobs and are less likely to revolt) but is hurting America (why we need good job here, and I don't mean "service" jobs -- no matter how well they may pay.)
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Posted November 2, 2013
The End of Cheap China is an excellent book that engages you intellectually, invokes thoughtful questions and expands your interests about the cultural and economic changes of China. It provides fascinating case studies and essential considerations for operating businesses in China. It raises interesting points about the emerging modern Chinese woman, understanding the Chinese government, the fast changing real estate sector, Chinese neo-colonialism in Africa, the challenges of education reform in China and the larger global implications of China’s dynamic evolution as a society.
This is essential book to read for anyone visiting or conducting business in China. It is an invaluable read for expatriates who have been living and/or working in China for years. Reading The End of Cheap China will cultivate an influential force that transforms, evolves and deepens your ideas about China, leaving you hungry for more information. By reading this book, you will gain an accurate understanding of the economic and cultural changes in modern China and the implications of China’s rise as a superpower and increasing roles in global institutions and world affairs.
Shaun Rein is an inspiring thought-leader in our global society---- and so needed.
Posted October 13, 2012
Posted April 17, 2012
Posted March 26, 2012
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Posted November 5, 2011
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