From Mr Marc Chandler.
Sir, Your editorial “Why China's pay unrest is healthy” (June 12) draws the reader's attention to the important developments taking place in China's labour market. Although many policymakers and investors seem focused on the misalignment of the renminbi, the bigger misalignment is with wages.
China's manufacturing wages are about 3 per cent of American manufacturing wages. However, your editorial claims that “the rise in pay looks like a natural consequence of the country's development ... It is entirely natural for pay – whose share of gross domestic product has fallen steadily – to rise to reflect the returns [of productivity].”
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