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It is possible to compete with China on things that require special knowledge and are rarely needed. "Special knowledge" because China doesn't have the local sk
by corty 5y ago
It is possible to compete with China on things that require special knowledge and are rarely needed. "Special knowledge" because China doesn't have the local skills to produce it (yet). "Rarely needed" because China didn't prioritize acquiring said knowledge. Case in point: Germany mostly exports production machinery (rarely needed, last forever, very special knowledge) and luxury automobiles (rarely needed, last quite some time, some special knowledge needed (mostly on how to appear "luxury")).
But in general, I firmly believe that western nations with high social, environmental, legal standards cannot compete with China, except in areas where China didn't yet have the chance to catch up for some reason. I think we are going back to a world where most nations know how to produce almost everything, so competition will no longer be on that knowledge but more on the other necessary factors to make production cheaper.
- Haemm0r 5y agoIf you can't beat the price, you have to innovate constantly (=stay ahead) and sell higher quality to be competitive.