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.”

November 25, 2008

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

Filed under: China,News — DF @ 10:31 pm
Tags: , , , ,

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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