China's rapid economic growth has raised labor costs, affecting Western corporations. The U.S. relationships with China shifted from cooperation to hostility, characterized by trade restrictions, sanctions, and military presence. Washington promotes the idea of China as a threat to U.S. interests. This dynamic is rooted in a capitalist system where core nations rely on cheap labor and resources from peripheral regions. China's rise since the 1980s has been vital for Western firms, offering highly productive labor, but recent wage increases are shifting this economic balance.
China's spectacular economic development has led to increased labour prices, impacting Western corporate profits, as the U.S. transitions from economic cooperation to antagonism.
The U.S. government has imposed trade restrictions on China while engaging in military build-up, aiming to frame China as a threat to U.S. interests.
Capital accumulation in the Global North relies on cheap labour from the Global South, with China being integral by providing highly productive, low-cost labor.
Since 2005, wages in China have increased significantly, reversing an era when manufacturing costs were just under $1 per hour, notably lower than India.
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