BEIJING (China Daily/ANN): The operations of multinational companies in China have changed over time, moving up the global value chain as the country has diverted its focus.
China is no longer the world's factory. Today, it is a cradle embracing and nurturing advanced technologies, a production base for more sophisticated and higher value-added products, and one of the best choices for regional headquarters and research and development centres, said experts.
Dong Yan, a research fellow at the Chinese Academy of Social Sciences, finds such moves reasonable for business operations, as traditional manufacturing in China, including digital camera production, has been influenced by the fast development of the digital economy and the internet. Vietnam is a better choice given its lower production costs and large young labour force, he said.
Giovanni Pino, director of the Australian sourcing service provider Sourci, said China would be producing more high-quality equipment, more higher priced and higher value goods as the country moves up the value chain and its manpower develops greater technical skills. Luxury brands such as Burberry, Armani and Prada have transferred parts of their production operations to China, according to Quartz.
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