Friday, April 23, 2021

Posts that I especially recommend for Friday, April 23, 2021 (abbreviated version)

It is not the first time which happened with America, where it plans some things and ends up in entirely opposite. I recalled my days in China in the early 1980s, when American and European entrepreneurs were entering China to occupy the vast niche market of China. That was the era of China opening to the outside world and introducing economic reforms. China facilitated market access, and American & European businessmen and investors flooded the Chinese market with foreign products. Those were the days when China was facing a shortage of everything like food, consumer products and etc. A quota system was introduced to buy items of daily life. They made huge profits in the early days, but gradually, they shifted their industry to China to avail themselves of China’s cheap raw material and cheap labor cost. It was in the best interest of foreign companies to manufacture in China to cut down the cost and maximize their profit. But sooner, they became the market of China.