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During the last decades, China had an unprecedented economic growth. It became the world's largest exporter. In other words, it became the world's factory. And the key element driving its economic growth was its huge working-age population. In other words, the factor that played a central role in China's economic model was its cheap labor force. However, to the surprise of many, China today, not only is no longer a cheap country, but in global terms, it is even expensive. So, the questions are: why is Chinese labor already considered expensive? What planning mistake made China 50 years ago? And which famous companies have been moving out of China?
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