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Montag, 8. Dezember 2008

After the boom, the bust. Now what?

China's economy is tanking along with those of its globalised neighbours.
With unemployment rising, will social unrest follow?
Creating enough jobs has become the first priority for Chinese government. Since last month, the administration has suspended the planned increase of the minimum wage, slashed interest rates sharply and mapped out an aggressive 4tn yuan (US$586bn) fiscal stimulus plan.

The hope was to save small and medium-sized enterprises, which in turn will keep their workforce employed and also create new jobs for the 120 million migrant workers. However, the worst is yet to come. With fewer contracts from European and American markets during the Christmas season, more export-oriented factories are likely to fall and more workers will be left jobless. ....more details in Guardian here....

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