China needs to build global brands and companies similar to Apple Inc. to stave off a possible loss of competitiveness in as few as three years, said Jack Welch, former chief executive officer of General Electric Co.
Rising wages in China are fueling inflation and may spur more global manufacturers to move production to Vietnam and countries in Africa, Welch told reporters in Shanghai.
China is a “long way from losing its competitiveness,” he said. “It’s going to happen. Three years or five years, it will happen.”
China can no longer rely on exports and low-cost production for economic growth and must innovate by building global brands and creating “10,000 Apples,” he said. Steve Jobs, who transformed Apple into the world’s largest technology company before resigning as chief executive officer last month, is “absolutely” the world’s best business leader, he said.
“Right now China is missing global brands,” Welch said. “That won’t be for long.”
Have an amazing project to share? Join the SHOW-AND-TELL every Wednesday night at 7:30pm ET on Google+ Hangouts.
Join us every Wednesday night at 8pm ET for Ask an Engineer!
Learn resistor values with Mho’s Resistance or get the best electronics calculator for engineers “Circuit Playground” – Adafruit’s Apps!
Maker Business — DoD Education Program
Wearables — Don’t be a dummy
Electronics — Even lower power!
Biohacking — Biohacking: Getting Ripped with Brian Konash Partner Acrobatics Base
Sorry, the comment form is closed at this time.