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Western executives who visit China are coming back terrified (www.telegraph.co.uk)

submitted 1 day ago by schizoidman@lemmy.zip to c/world@lemmy.world

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cross-posted from: https://lemmy.zip/post/50900195

https://archive.md/kzbKS

Robotics has catapulted Beijing into a dominant position in many industries

“It’s the most humbling thing I’ve ever seen,” said Ford’s chief executive about his recent trip to China.

“Their cost and the quality of their vehicles is far superior to what I see in the West,” Farley warned in July.

Andrew Forrest, the Australian billionaire behind mining giant Fortescue – which is investing massively in green energy – says his trips to China convinced him to abandon his company’s attempts to manufacture electric vehicle powertrains in-house.

Other executives describe vast, “dark factories” where robots do so much of the work alone that there is no need to even leave the lights on for humans.

“We visited a dark factory producing some astronomical number of mobile phones,” recalls Greg Jackson, the boss of British energy supplier Octopus.

In Britain, Shenzhen-based BYD multiplied its September sales by a factor of 10 this year – overtaking far more established brands such as Mini, Renault and Land Rover.

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[–] vga@sopuli.xyz 2 points 16 hours ago* (last edited 16 hours ago)

Wealth inequality is worse in the US than in China.

Could be, that data for wealth isn't easily available for both countries.

Income inequality is about the same in USA and China though, Gini coefficient around 0.41 in both countries. Most figures put China slightly more inequal than USA for income.