South Korean companies need to shift their strategies in China as Beijing strives to boost domestic spending by attracting foreign investment and offering higher wages, a local think tank said Sunday.
China has long been a manufacturing base for multinational companies due to low labor costs and growing domestic consumption of their products. Recently, the central government has pushed for plans to drive up consumption by luring foreign capital into major industries and raising workers' wages, Hyundai Research Institute said in a report.
Wangfujing, one of the most famous shopping streets of Beijing, China. (Yonhap)
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