For the 30 years since the beginning of China’s economic reforms, Chinese industry has achieved impressive efficiency gains by adopting new technologies and realizing economies of scale, leading to a huge expansion in locally made products suitable for export. While an appreciating currency might eventually drive labor-intensive manufacturers out of business, if Japan’s economic history is any guide, they are likely to be replaced by producers of things like ships, machine tools, semiconductors, and doubtless new products yet to be invented.
自从中国开始经济改革的30年来，中国的工业已经通过吸收新技术和实现规模经济而大大提高了效率，从而使越来越多国产的产品适合用来出口。尽管货币的升值可能最终将劳动密集型的制造商挤出市场，如果我们可以将日本的经济发展史作为参考的话，它们很可能会被船舶、机械工具、半导体以及无疑今后将被发明的产品的制造商所取代。