When it comes to gross domestic product per capital, Shenzhen is China’s heavy hitter, but soaring labour expenses and a real estate bubble have made the city less attractive to manufacturers. Illustration: Perry Tse
China’s tech megacity Shenzhen at risk of being high-income trap as GDP soars
- Avoiding the high-income trap would require restructuring Shenzhen’s economy, but that could take a hefty toll on traditional manufacturing
- Soaring labour expenses and a real estate bubble have already made the city less attractive to manufacturers planning to build new plants
When it comes to gross domestic product per capital, Shenzhen is China’s heavy hitter, but soaring labour expenses and a real estate bubble have made the city less attractive to manufacturers. Illustration: Perry Tse
