China may be famous as the workshop of the world, but one Hong Kong lingerie- maker has found Thailand a more alluring destination, as companies shift production to cheaper countries.
Top Form International, which supplies companies such as Walmart from its south China factories, has been forced to face a new reality in China as workers demand higher wages.
Sitting in his Hong Kong office across the border from Guangdong province, Michael Austin, Top Form’s chief financial officer, says the company is seeing wage increases of 20 per cent every year. “China’s policy is double wages in five years. We expect it to be shorter than that.”
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