At the same time, the renminbi is appreciating, making domestic production of export-oriented goods and services even more expensive. This matters, especially for labor-intensive activities (ranging from toy manufacturing to data-entry services), whether by affiliates of foreign multinational enterprises (which account for more than half of China’s exports) or by local firms, which are losing competitiveness in international markets.
为了维持其出口导向生产基础，产出必须向增值链上端转移，转向更精致成熟的产品。跨国公司可以在其一体化的全球生产网络中做到这一点——其生产网络使其能够组织起公司内部的国际劳动分工。其生产链的任何部分都可以部署在最有利于公司国际竞争力的地区。此外，这类公司拥有在全球寻找正确投资地的经验。