According to the Financial Times, the most expensive apartment in China is ready for occupancy. It costs approximately 300 million renminbi, the currency unit in China. As of yesterday, that's $46.2 million USD.
The following is a chart illustrating the conversion of renminbi to the dollar, including the average wage of a Target store employee:
As of 5/31/11
$300+ million renminbi= $46.2 million USD
1 renminbi = 0.15 USD (approx)
6.5 renminbi = $1.00 USD (approx)
Average Chinese Urban Wage 2009
Target Stores Average Wage = $11,700
U.S. corporations are raking in healthy profits. Many are sitting on piles of cash choosing not to invest in hiring in the U.S. Why should they? The U.S. is headed into another recession as housing prices keep descending. The U.S. consumer is spending less. This is not true in China, where the economy is growing and the Chinese consumer's wages are increasing to such an extent that U.S.-based companies are looking elsewhere to outsource their jobs.
In the U.S., people are lining up to earn wages close to what is earned in major cities in China. They are unaware that they are not competing with developed nations. They are competing with developing nations, like China.
FT Robert Reich article 6/1/11 “Back towards a U.S. Double-Dip”
“Average hourly wage of production and non-supervisory positions (80% of U.S. workers) = $8.76”