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Guangdong Economic Rebalancing and Its Implication for the Labor Market

In: Strategies of Multinational Corporations and Social Regulations

Author

Listed:
  • Stéphane Cieniewski

    (Consulate General of France in Hong Kong and Macao)

Abstract

Guangdong is now at a cross-road. Its ambitions to serve as a testing ground and to lead the way to the rebalancing and modernization of China’s economy are high but international experiences show that public money is not a reliable yard stick of success. Public intervention cannot succeed without heeding market forces and in the case of Guangdong, those market forces are particularly strong: cost pressure is intense, final demand for the export-oriented industry is plummeting, legal environment is changing fast (environmental constraints, new labor laws, etc.) and financing constraints are tougher than ever, especially for private companies that account for most of the provincial output. Against that backdrop, advocating for more innovation and R&D and for better labor conditions and higher wages is not an easy task. On the other hand, providing state-of-the-art industrial parks and fiscal incentives may not work as well as before: as an example, the OECD calculates that only 8 of the 28 relocation parks earmarked by the double-relocation policy are within a 2-h drive of the strategic hub that gives access to export markets.

Suggested Citation

  • Stéphane Cieniewski, 2014. "Guangdong Economic Rebalancing and Its Implication for the Labor Market," Springer Books, in: Xavier Richet & Violaine Delteil & Patrick Dieuaide (ed.), Strategies of Multinational Corporations and Social Regulations, edition 127, chapter 11, pages 175-192, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-41369-8_11
    DOI: 10.1007/978-3-642-41369-8_11
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