Analysts believe that China's "migrant miracle" of billions of workers moving from the country to the cities could be over as the so-called "Lewis point" is reached whereby excess rural labour runs out and pricing power returns to workers. The Chinese government has been trying for years to reduce its reliance on cheap labour.
Analysts believe that China's "migrant miracle" of billions of workers moving from the country to the cities could be over as the so-called "Lewis point" is reached whereby excess rural labour runs out and pricing power returns to workers. If this should happen, it could have a negative impact on asset prices across the globe, and pose a real challenge to the "new normal" of low rates.