LayoffBlog.com

December 31, 2008

Ten Million Chinese migrant workers have already left cities

According to CNN Money: “China’s ocean of blue-collar workers is streaming back to the country’s farming hinterland, bringing thwarted aspirations and rising discontent in tow as their city jobs, their paths out of poverty, fall victim to the global economic crisis.”

“Officials estimate that more than 10 million migrant laborers have already returned to the countryside as thousands of companies have been dragged under by weak global demand for everything from clothes to cars.”

“Over the past three decades, about 130 million people have left China’s countryside for the smokestacks, assembly lines and construction sites of cities.”

“Many economists forecast growth next year of less than 7.5%, the country’s lowest since 1990 and a level that would swell the ranks of the jobless.”

“The social security ministry says 10% of all migrants have already gone back to the countryside.”

December 10, 2008

Economic pain hits China as exports fell last month

Filed under: China,economy — DF @ 11:03 am
Tags: , , , ,

According to IHT: “China’s exports fell for the first time in seven years, the government reported Wednesday, sliding 2.2 percent in November and providing stark evidence that the global financial crisis had arrived here in earnest. In October, by contrast, exports had surged 19.2 percent.

Imports also plunged sharply last month, falling 17.9 percent and widening the trade surplus to $40 billion from $35.2 billion in October.”

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