Skill gap could derail economy: govt official
China’s skill gap could derail its economic upgrade, according to a member of a cabinet-level think tank.
Filling the gap is strategically important for China as it tries to leave behind its role as the “world’s factory” and move up the global value chain, said Long Guoqiang, director-general of the general office of the Development Research Center of the State Council.
Long’s comments came amid concerns that China is rapidly losing its comparative advantages, such as being a source of low-cost labor that drove the nation to be the world’s second-largest economy and biggest merchandise trader.
The advantages have faded. Millions of manufacturers in China have seen their international competitiveness erode. (Photo 1)