Exporters adjusting to rising wages (3)

But the major implication of China's transition from being the world's low-end producer is that it will create new challenges and new opportunities elsewhere. This shift is bringing Chinese enterprises into competition with more established companies in the middle-income economies of Asia and Latin America and forcing them to innovate to stay ahead.

As China leaves unskilled, low-end manufacturing behind, others have a chance to occupy that space. Vietnam, the Philippines and Indonesia are particularly well placed to benefit.

The author is chief Asia economist at Capital Economics, a London-based independent macroeconomic research consultancy.

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