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By March 31, there were 21 Shanghai-registered legal person banks, more than half of the country's total. There were 227 profit-making foreign banking institutions with a solid base in Shanghai, a figure that more than quadrupled since 2001.

By May 13 this year when the 1,000th Sino-European freight train left China, the country had 51 Sino-European freight train routes, with trains from 28 Chinese cities travelling to 29 cities in 11 European countries.

But the line was later taken out of service due to heightened tension between the neighbors.

But with the winds of change, the company has joined the automation bandwagon. Zhang Xiaoquan, named after its eponymous founder, has been investing heavily in the automation of its manufacturing process so as to increase productivity. The company is currently preparing for an initial public offering to further expand its presence in the global markets.

But, Chinese wages have grown an average of 11 percent per year over the last 15 years, so companies that relied primarily on low wages have had to go elsewhere. Many business owners said that competing for labor is their biggest challenge now, so they are having to move up-market to higher value-added specialized products and are investing heavily in automation. This is all a very good thing for the nation and its workers.