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Companies cannot pay workers more unless they are producing and selling more valuable products. Average yearly wages increased from 37,143 yuan in 2010 to 82,461 yuan in 2018, according to the National Bureau of Statistics. Adjusting for inflation, this means that real wages have more than doubled. This would not be possible unless both the value-added of products has gone up and the skill-level of the workers has gone up.

Commodities to China

Company looks to boost competitive edge abroad with refreshed models

Companies, including China National Electric Apparatus Research Institute Co Ltd, Shenzhen Lifotronic Technology Co Ltd and Jiangsu NOVORAY New Material Co Ltd, will be listed on the Shanghai Stock Exchange's sci-tech innovation board, commonly known as the STAR market, the China Securities Regulatory Commission said in a statement.

Commsat Technology Development Co Ltd, for instance, had to postpone its launch date for a research satellite until later this year, according to Peng Yuanyuan, the firm's co-founder and chief operating officer.