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Not only labor costs which affects the final price, but also other factors like:
- Export regulations
- Innovation and variety of products
- Flexibility in production policies of most manufacturers
- Mass production
Major factor is China's national government policies provides subsidies and special status for export. Like dumping , lower currency value and MFN status from almost every country.
CHEAP LABOR IS NOT THE ONLY REASON BUT IT IS ONE OF THE REASONS.
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