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  • August 29, 2014
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  1. Business - Economy - MONITOR

    Immigration and reclamation won't raise living standards

    Posted Feb 18th 2014, 04:34am by Tom Holland

    ... reclamation projects. In contrast, Hong Kong is suffering dire shortages of both labour and land, Tsang argued; shortages which threaten severely to handicap the city's future economic growth. ... reason to believe it would achieve any more in Hong Kong. Tsang's eagerness to expand the city's labour force and land area merely exposes the government's twin obsessions ...

  2. Business - Economy - MONITOR

    To continue growing, China will have to work a lot smarter

    Posted Feb 07th 2014, 05:17am by Tom Holland

    ... labour, or human capital. You can add physical capital. Or you can get smarter about how you work. Measuring the first two inputs is simple. Measuring the third driver of growth is very difficult. ... growth in recent years has been driven by adding labour. As the first chart shows, almost all has been propelled by capital and TFP growth, with the lion's share driven by investment ...

  3. Business - Comment - MONITOR

    No need to worry about China's competitiveness

    Posted Apr 15th 2013, 12:00am by Tom Holland

    ... A shrinking labour pool and rising wages could mean the start of an economic rebalancing act and not a feared loss of manufacturing edge Fears have been growing recently for China's ... erosion of its competitive edge since the yuan's revaluation. At the same time, what was once regarded as China's inexhaustible pool of cheap labour has begun to run dry. Last year, ...

  4. Business - Comment - MONITOR

    Reform pledges likely to hurt both stock prices and yuan

    Posted Nov 27th 2013, 03:32am by Tom Holland

    ... the yuan's appreciation has helped push China's labour costs sharply higher. From just half Thailand's manufacturing costs 10 years ago, China's unit labour costs have now reached ...

  5. Business - Comment - MONITOR

    No 'taper tantrum' this time, but Hong Kong can't be complacent

    Posted Dec 20th 2013, 01:07am by Tom Holland

    ... actively looking for work, not those who have dropped out of the labour force entirely. Factor those in, and the proportion of the US working-age population not in employment remains at its lowest ...

  6. Business - Comment - MONITOR

    Even IMF staffers are warning of an economic crisis in China

    Posted Oct 10th 2013, 12:00am by Tom Holland

    ... they warn. The problem with the current approach is that China's growth over the past couple of decades has been driven almost entirely by the mass mobilisation of capital and labour ... to below 4 per cent a year. The solution, argue Nabar and N'Diaye, is for the central government to quit simply pouring more capital and labour into the economic cake mix, and instead to focus ...

  7. Business - Comment - MONITOR

    The plenum speech Xi Jinping ought to deliver (but won't)

    Posted Oct 30th 2013, 02:32am by Tom Holland

    ... supports. We have nurtured our young economic enterprises with cheap capital, a cheap currency, cheap labour, cheap land and cheap energy. Thanks to these supports, we have grown fast and grown ... of cut-price migrant labour. That has boosted industrial growth, but it has also created an underclass of migrant workers with limited rights and meagre incomes. To raise the incomes of China's ...

  8. Business - Economy - MONITOR

    Today's risk is not a peasants' revolt, but a sovereign default

    Posted Jul 24th 2013, 12:00am by Tom Holland

    ... Revolt of 1381, when mobs of angry agricultural labourers marched on London demanding an end to serfdom and the repeal of oppressive tax laws. In his new book When the money runs out: the end ... in the mid-14th century, wiping out somewhere between a third and a half of England's population. The result was an acute labour shortage which threatened to shift the balance of economic power from ...

  9. Business - Comment - MONITOR

    Beijing trying to make a virtue out of dire economic necessity

    Posted Sep 05th 2013, 12:00am by Tom Holland

    ... has pushed China's unit labour costs sharply higher. According to a study by Lombard Street Research, China's unit labour costs have now risen by some 50 per cent from pre-crisis ...

  10. Business - Economy - MONITOR

    Why 4 per cent annual growth will be great news for China

    Posted Oct 07th 2013, 12:00am by Tom Holland

    ... years: the size of the mainland's labour force, workers' skills, rural migration and changes in workers' productivity. Knowing the age profile of the population, we can be sure how ...




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