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Long article, some good data, then they end it with this gem:
“Everybody makes stuff in China,” said Joerg Wuttke, former president of the European Chamber of Commerce in China and now a partner at Washington consulting firm DGA Group. “But nobody makes money.”
You have to produce in China to keep costs down, but you can’t sell effectively in China due to state-mandated hypercompetition driving everyone to zero profit.
Turns out Communists are better at capitalism than capitalists are.
Long article, some good data, then they end it with this gem:
Everyone just makes stuff for fun in China!
Sucks to be Joerg who only makes stuff for money.
He is probably saying that they overproduce stuff, which drives down prices and profit.
I guess it’s self-evident to everyone but me what he means.
You have to produce in China to keep costs down, but you can’t sell effectively in China due to state-mandated hypercompetition driving everyone to zero profit.
Turns out Communists are better at capitalism than capitalists are.
🎻