What links these two phenomena is the meteoric rise of China as the workshop of the world after Beijing joined the World Trade Organization in late 2001. With Beijing repressing domestic consumption and holding down the yuan's exchange rate to give it a competitive edge in world markets, foreign direct investment poured into China to take advantage of cheap labor, land and other inputs. Bill White, a former chief economist of the Bank for International Settlements, blamed central banks for wrongly analyzing the strong disinflationary impulse imparted by the reintegration of previously isolated economies such as China into the world trading system. With a per capita income in 2012 of just over $6,000, ranked 90th in the world, the scope for catch-up in China is still enormous.
Source: REUTERS
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