China's labor shortages are a reality in 2021. In this episode of Global Trade Explained, we will be looking at the situation of worker shortages on the Chinese labor market, the types of jobs and industries that are most affected, and will also learn about the history and social factors that led to this paradox. We will also look at how labor shortages will shape the future of China.
Labor shortages are a reality all over the world, but since China is one of the world's biggest supplier of products, it impacts the trade of goods internationally.
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📌 NAVIGATION:
0:00 - Intro
0:20 - Looking at the problem
1:13 - What it's all about
1:34 - History
2:08 - Causes
2:35 - Interviews
3:12 - Future
#China #LaborShortages #ChineseWorkers #ChinaWorker
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📰 VIDEO TRANSCRIPT:
That’s right, you didn’t read the title wrong! In this video we are talking about labor shortages in China.
You might be wondering how this is possible, since according to statistics China has the largest population in the world. For those of you that probably ended up here because your Chinese supplier told you they can’t meet a deadline because they aren’t able to hire enough workers, it’s true, labor shortage is a thing in China now a days.
We will give you an insider look at the social changes that have led to this phenomenon, that actually didn’t happen over night, but is now being felt by Chinese manufacturers more than ever. In fact the media started reporting about it from more than 10 years ago.
Today, worker shortage is starting to be mentioned again in the media.
Despite what many would want to argue, that China’s population is aging, this does not really have a significant impact, at least currently.
To clarify what everyone is referring to when talking about labor shortages in China, they are talking about the big shortage of workers in the manufacturing sector, especially unqualified workers. To understand why that is, we must first look at how China’s manufacturing industry grew in the last 35 years.
When China started it’s economic reforms in the early 80s, China’s coastal cities started seeing unprecedented development. This rapid growth was largely fueled by so called “migrant workers”, coming from poorer provinces of China to seek better opportunities. These migrant workers were an important source of cheap labor for China’s bustling manufacturing industry.
These days the poverty gap in China significantly decreased, rural areas have also developed, and wages in once poorer provinces are similar to those in developed coastal cities. For these reasons China’s long established manufacturing hubs no longer attract many migrant workers. Since the overall standard of living and education in China has significantly increased, and the service sector has also seen a big growth, many youngsters are no longer attracted to factory jobs.
This is indeed an interesting transition period, as the Chinese manufacturing industry is restructuring to overcome these issues. As we mentioned in an earlier video, factories have started automating more and more of their production processes. Some Chinese factories from industries that require intensive labor and unqualified workers have also started looking into different alternatives, like moving some of their production further inland where workers are cheaper and more plentiful, or to other South East Asian countries.
Has your supply chain been affected by labor shortages in China? Please let us know in the comments below, and please like and subscribe to help us create more videos.
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