Source: The Economist: Great Exportations
China still has a very large poor population. I hope this changes the quality of life for them.
On a related note, here's an excerpt from Fareed Zakaria's book, The Post American World:
"To get a sense of how completely China dominates low-cost manufacturing, take a look at Wal-Mart. Wal-Mart is one of the world's largest corporations. Its revenues are eight times those of Microsoft and account for 2% of America's GDP. It employs 1.4 million people, more than GM, Ford, GE, and IBM put together. It is legendary for its efficient -- some would say ruthless -- efforts to get the lowest price possible for its customers. To that end it has adeptly used technology, managerial innovation, and perhaps most significantly, low-cost manufacturers. Wal-Mart imports about $18 billion worth of goods from China each year. The vast majority of its foreign suppliers are there. Wal-Mart's global supply chain is really a China supply chain."I had no idea Wal-Mart was so big. Wal-Mart sources a nice chunk of its food from China. To be fair, so does Whole Foods, who is being challenged over the organicness of its China-sourced organic food.