Experts' views on Xi's high-quality growth
This comment recognizes some realities in the Chinese and global economy. China's growth cannot continue on the old model and trajectory – high growth via being the cheapest using mass production and utilizing abundant low cost labor - given the threats to this system from its own demographic changes and drying up of sources of cheap rural migrant labor. Other countries will take its place in this model.
Therefore, China needs to 'upgrade' production AND services with added value, requiring people to have inspiration and to be innovative.
This in turn requires a total change from China in using AND managing its human resources – moving from being seen as cheap, disposable and easily replaceable to being seen as assets to be valued and rewarded. This requires more investment, not only in skills, training and better employee rewards, but also in more effective leadership and better management.
Of course, this also will help people's consumption patterns as they will have more to spend on better quality products and services.
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