HONOLULU (HawaiiNewsNow) – With the U.S. dollar stronger than China’s currency, the markets can be a shopper’s paradise if you know how to bargain.
“There are so many different things in China that you can’t find in the United States,” said Michele Choy of the Chinese Chamber of Commerce while walking among shops. “The snacks, the souvenirs, and the allure of a good deal at the street markets. Someone bought a beautiful Chinese tea cup at a hotel that was 15 U.S. dollars, and then when you go to the side streets of villages, it’s selling for $5.”
Our money goes a little farther in China. The exchange rate during our trip was 1 U.S. dollar to 7.2 yuan.
At that rate, a Big Mac in China would cost less than $4 compared to the national average cost of $5.58 in the U.S. or $6.39 in Manoa.
“So, the rule of thumb is, you go half the price of what it is,” said Choy on the art of bargaining. “If they say no, you try again. You can either walk away, and if they say come back, come back, then you know you got it at a good price.”
“If you look back to our economic history, we didn’t have any inflation for the longest time because everyone’s buying things from China. It’s so cheap,” said Eddie Flores of the Chinese Chamber of Commerce.
About 80% of Walmart’s imported goods are made in China, as are 75% of items sold on Amazon.
“Virtually all consumer products, including very complex, sophisticated machinery that’s used in hospitals all over our daily lives. A lot of that, at least in part, is probably being manufactured in China,” said
UH Manoa China History Professor Shana Brown.
However, China’s shipping ports haven’t been as busy lately. In 2020, the U.S. imposed strict tariffs and trade barriers to reduce its dependence on Chinese goods and curb unfair trade practices and intellectual property theft.
Flores says that’s part of the reason America’s goods are costing more.
“You’re gonna see inflation is going to be a little higher as we go along, and we don’t buy products from China,” said Flores.
“For a long time, I think one of the sources of China’s competitiveness was its low labor costs. Although, to be honest, China is no longer a global leader in low labor costs. There are other countries, particularly in Southeast Asia, which offer much more competitive labor,” said Brown.
“Now it’s made in Burma, it’s made in Vietnam,” said Flores.
Back at the markets, it’s always a competition between the buyer and seller to get the best deal, much like the relationship between the world’s two biggest economies.
“I had so much fun shopping,” said Serena Yim of the Chinese Chamber of Commerce. “Just seeing what you could get for a good price.”
Join us tomorrow night on Hawaii News Now at 5 and 10 as we discover the unique flavors of Southern China!
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