By Steven Greenwald
According to the International Monetary Fund (IMF), China has the world’s fastest growing major economy at a rate averaging 10 per cent over the last 30 years. This statistic can be attributed to its large and inexpensive labour force, as well as its political system. In addition to investing heavily in growth and supporting technical development, the government is also quick to make decisions. As such, China can adjust swiftly to changes in the marketplace.
Its growth rate and other factors, such as the global recession, have not only affected the local economy there, but also those of developed countries like Canada, where importers largely rely on China for its low cost of labour. The lure of inexpensive labour proved an interesting opportunity to provide the Canadian jewellery industry with price-point conscious products. So in 2008, my wife opened a manufacturing facility of silver jewellery in a northern suburb of Shenzhen.