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China's labor is becoming expensive too, and more skilled. So, China needs to move away from setting up industries that basically service imports from East Asia. Instead, China should set up industries that are indigenous and can use innovation to produce new products. The country is already doing this quite well. China has beaten the US in 5G, and leads in artificial intelligence.
China's consumer price index, a main gauge of inflation, rose 1.7 percent over the previous year, lower than the expectations of a 1.9 percent growth, the data showed.

China's industrial production is currently stable, with room for further boosting domestic demand, said Liu Feng, chief economist with China Galaxy Securities. "The inflation is mild and consumption is stable. With further expanding domestic demand, the country can effectively offset the trade war impact on imports and exports," he added.
China's economy has developed rapidly alongside its bond market. Last year, bonds issued in China totaled 36.1 trillion yuan (.2 trillion), up 54.2 percent from a year earlier, according to data from the PBOC.
China's electricity consumption, an important indicator of economic activity, also rose significantly during the first half of this year, rising 9.4 percent to some 3.23 trillion kilowatt-hours in the first six months, a half-year record high during the past six years, said the administration.
来源:资阳报