Edited and Translated by People's Daily Online
"Why do Chinese people go abroad to buy goods produced in China? Because they are cheaper overseas,” Liu Mingkang, former chairman of China Banking Regulatory Commission, said when he attended the Boao Forum for Asia. Liu's words again caused concern of the public.
Go abroad to buy Chinese goods
A pair of Levi’s jeans made in China only sells for 200 to 300 yuan in discount stores in the United States but sells for at least 700 yuan in discount stores in China.
The price difference for electronic products is even larger. For example, an iPhone 4S (16G) assembled in China sells 4,988 yuan on official websites of China but sells for 649 U.S. dollars on American official websites, equivalent to about 4,087 yuan.
According to investigations from the Ministry of Commerce of China, the price of 20 brands of five products, which are wrist watch, bags and suitcases, clothes, liquor and electronic products, is 51 percent higher than in the United States and 72 percent higher than in France.