[oldE]

There is another factor: reduced cost per unit through volume production.
I found it hard to get my head around until a number of years ago I had a conversation with a Dutchman who represented a manufacturing company who wanted to sell a Chinese firm a factory to make stainless steel flatware . The firm was anticipating the westernization of trends in eating. When the pitch was made for a factory which could produce a million place settings annually, it was accepted, with the stipulation they would build four plants.
When you consider Chinese markets products globally, the unit cost, already low from factors such as cheap labor and government support, drops substantially.

Best
Les