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But in that case, where are the surging wages?
To be sure, China still faces high and rising levels of domestic debt, eroding competitiveness because of surging wages and other challenges.
India is conspicuous on that list, as its poor roads and stifling bureaucracy have discouraged exports and resulted in its luring few of the factories now moving out of China in response to surging wages there.
In other words, the acceleration in growth may be largely illusory.Other classic symptoms of overheating are also absent: bank lending and imports have slowed in recent years, and reports of surging wages due to labour shortages are misleading.
WASHINGTON (Reuters) - U.S. employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but surging wages and an unemployment rate at an eight-year low suggested the labor market recovery remains firm.
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As demand has surged, wages and prices have followed.
Exports from multinational companies like Intel, Pfizer and smaller manufacturers are surging as wages become more competitive and help to lower production costs, giving hope for future growth.
The revenue raised is to be used to cut surging non-wage labour costs.
Debt surged and wages stayed stubbornly high.
The currency drop has caused inflation to surge, eroding wages, and the country's banking system has essentially collapsed.
While Indonesia's ports and highways still have shortcomings, as does the country's bureaucracy, they are good enough that the country has emerged as one destination for the many companies shifting operations away from China in response to surging blue-collar wages there.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com