China has long had a reputation for low cost manufacturing and many UK companies have tried to cut costs by getting components or products made by Chinese manufacturers. However, warns Dr Ken Platts of the Institute for Manufacturing (IfM), the savings may be much less than you think.
For many years China has been seen as the place to get things made cheaply. Western companies, trying to cut costs and remain competitive in increasingly cut-throat global markets, have seen manufacturers in China and other developing economies as the answer to their problems. However, while the quoted cost for making a component or product…
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