80 ◾ Dongming Ye et al.
made in southern China, and it’s harder for us to nd employees in
southern China. If you stood in front of a toy factory 20 years ago, there
was empty land beside it. Now, you can look to your left and see a cell
phone plant or some sort of electronics plant, and look to your right
and see an auto manufacturer. ere is increasing higher value-added
competition for us in labor and wages in southern China, and so I see
the toy industry moving again, over the years, to some other place. It
might be further inland, or in northern China. It might be to another
emerging market like Vietnam or someplace like that. Just as the toy
industry moved from Taiwan to Hong Kong to southern China, I see
the continued evolution of our ...