Manufacturers in China's Greater Bay Area are expected to see their orders and sales rebound in 2021, Singapore's Lianhe Zaobao reported Tuesday citing a survey by Standard Chartered.
Respondents who participated in the survey said the manufacturers' performance in orders, sales, employment, wages and capital expenditure will improve this year, reflecting China's nationwide steady recovery from the COVID-19 pandemic.
According to the survey, the respondents seemed less enthusiastic about moving factories overseas, compared to one year ago. The reasons may include weaker labour cost pressures, China's rapid economic recovery, and the recent pandemic resurgence in some potential relocation destinations.
Lianhe Zaobao quoted Standard Chartered as saying that it believes the Greater Bay Area will be able to meet the high expectations of enterprises, as it has a wide range of growth drivers beyond manufacturing, which are a large population, strong policy support and accelerated financial opening-up as well as RMB internationalization.
