Fig­ure 3: Com­par­i­son of Av­er­age Wage Growth Rates be­tween China and the U.S. (Growth rates de­nom­i­nated in RMB)

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Note: Dur­ing 1993-1994, RMB ex­change rate against USD de­pre­ci­ated from 5.7 to 8.6, caus­ing U.S. man­u­fac­tur­ing wage growth de­nom­i­nated in RMB to spike in 1994.

Source: the Na­tional Bureau of Statis­tics (NBS) and the U.S. De­part­ment of La­bor.

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