(1) To seize the great opportunity brought about by domestic industrial restructuring, the Chinese government has speeded up the introduction of advanced technology, management expertise and high quality professionals from abroad. (2) Enterprises are encouraged to enhance their capacity for market development, technological innovation and brand establishment. (3) The government has also redoubled efforts to facilitate study and research in basic science.
And the nominal wage adjustment that has taken place across the country has, among other factors, helped to close the current account deficit by more than 10 percentage points of GDP since 2008. It is no wonder that many observers have pointed to Latvia, a country that is outside the euro area, as an example to those that are inside.