28th June 2011
They have the technology.
“They have a very clever mechanism, with several advantages. The first is financing, which they have better access to because Chinese companies are mostly state-owned. It is getting more and more difficult for European contractors to access financing, and you need to have a lot of finance in the construction industry,” he said.
“Then they have managed to transfer Chinese workers, who are cheaper.
They can also use construction machinery they have built in China.
Finally, because they can generate still profit despite their low bids, they use that money to hire famous architects and demonstrate they can deliver a project above the normal standard”.
I remember, when I was young, seeing signs on products that said ‘Hand-made by slave labor in the Soviet Union’. Who says that slavery is economically inefficient?