Cheap goods fast: that was the basis of the Asian manufacturing revolution, and it has been incredibly successful:
China will soon manufacture more steel than the entire world combined
Chinese exports hit $US162 billion in June and $US874 billion in the first half of the year, both up nearly 20% year-on-year
In 2010, China made 64% of all toys, and $US4 out of every $US10 worth of knit apparel exported in the world
The list of impressive data for China goes on, and on. And clearly, the flow-on effects across the region are significant, as Australia’s robust economy and the growing manufacturing industries of Vietnam and Indonesia can testify. Yet, the shape of the Asia-Pacific economy is fast evolving, and a growing shift towards quality goods and services is creating new opportunities for the region.
If China and its neighbors are to successfully make the transition from ‘quantity’ to ‘quality’, a new approach to workforce strategy will be required.
Find out more about these challenges in our latest whitepaper, Making the Shift: Quality and Service in the New Economy.