Recent developments in China's labor market: Labor shortage, rising wages and their implications

Cui Yuming; Meng Jingjing; Lu Changrong

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Recent developments in China's labor market: Labor shortage, rising wages and their implications

机译：中国劳动力市场的最新发展：劳动力短缺，工资上涨及其影响

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China's abundant supply of cheap labor has played an important role in its remarkable economic and social development. Recently, however, China has experienced a labor shortage and rising wages, implying that the country's long-lasting competitive advantage based on its "unlimited" labor supply and low costs is vanishing. We find that structural demographic changes, regional economic growth disparities and the household registration system may have caused the labor shortage. Furthermore, China's continued low wages, relatively low labor share of gross national income, declining proportion of household consumption to GDP, and productivity improvements as well as increasing unit labor costs can be used to explain the recent wage increases. The dramatic development of its labor market signals that China is entering a new stage of economic development. The country's prior successful model of economic development needs to be adjusted to adapt to the new situation in its labor market to achieve sustainable economic development.

机译：中国丰富的廉价劳动力供应在其显着的经济和社会发展中发挥了重要作用。但是，最近，中国经历了劳动力短缺和工资上涨的现象，这意味着基于其“无限”劳动力供应和低成本的长期竞争优势正在消失。我们发现结构性的人口变化，区域经济增长差异和户籍制度可能造成了劳动力短缺。此外，中国持续的低工资，较低的劳动力在国民总收入中的比重，家庭消费占GDP的比重下降，生产率的提高以及单位劳动成本的增加，可以用来解释最近的工资增长。劳动力市场的飞速发展预示着中国正在进入经济发展的新阶段。需要调整该国先前成功的经济发展模式，以适应其劳动力市场的新形势，以实现可持续的经济发展。

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来源
《Review of development economics》 |2018年第3期|1217-1238|共22页
作者
Cui Yuming; Meng Jingjing; Lu Changrong;
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Harbin Inst Technol, Sch Econ & Management, Shenzhen, Peoples R China;

Beijing Univ Posts & Telecommun, Sch Econ & Management, Beijing, Peoples R China;

Sun Yat Sen Univ, Sch Int Relat, Guangzhou, Guangdong, Peoples R China;

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Recent developments in China's labor market: Labor shortage, rising wages and their implications

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