A senior Chinese researcher said that China enjoys a comparative advantage in cheap educated laborers and this advantage would last for at least two decades.
This high quality but relatively cheap labor force will help China's economy maintain its rapid growth in the coming decade, Lu Zheng, director of the Institute of Industrial Economics under the Chinese Academy of Social Sciences, was quoted as saying at the Forum on the Fourth Shanghai International Industry Fair Wednesday.
Lu quoted statistics from the academy that there are at least 2.5 million college students in China, more than 60 percent of whom are studying science and technology. They are expected to enter the country's labor market incrementally in the coming years.
He said the statistics also show average labor costs of industries in China are only five percent of those in developed countries like the United States, Japan and Germany.
Lu said such a comparative advantage will last at least two decades and play an important role in promoting China's economic growth.