Back in 2010, a company could employ 8.3 Chinese manufacturing workers for the same price as one American worker. By 2018, the figure had plummeted to just 2.9, according to calculations based on the two countries’ statistical bureaux.
Real average wages in the advanced-country constituents of the G20 rose just 9 per cent between 1999 and 2017. In emerging G20 states, meanwhile, they tripled, according to the International Labor Organization.
Given this trend, it is unsurprising that the offshoring of jobs from high-wage countries to what were far cheaper emerging economies is no longer the contentious political issue it once was in some parts of the world.
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