February 2, 2009

Millions jobless in China

Filed under: China,unemployment — DF @ 11:58 am
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According to AP, Guardian: “A world manufacturing slump eased in January but data showed the global economic downturn, which Beijing said had already cost as many as 20 million jobs, was still in full swing.” […]

“Chen Xiwen, director of China’s Office of the Central Rural Work Leading Group, said a recent survey showed 15.3 percent of the 130 million migrants moving from villages to cities and factories had returned jobless to the countryside.
That, combined with this year’s 6 million to 7 million new entrants in the rural labor market, would leave China with about 25 million jobless and potentially restive rural unemployed this year, Chen said. “

November 25, 2008

World Bank Cuts China’s 2008 Growth Outlook to 9.4%

Filed under: China,News — DF @ 10:31 pm
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According to WSJ: “The World Bank cut its forecasts for China’s economic growth because of weaker housing demand and softer private investment and consumption as well as the global downturn.

In its latest China Quarterly Update, the World Bank said China’s economy will likely grow 9.4% this year, slower than 11.9% in 2007 and its earlier projection of 9.8%.

The bank cut its growth forecast for 2009 to 7.5% from 9.2% earlier.”

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