Forwarded from 📡Guardians of Hong Kong
#Newspaper
How bad are China's economic woes?
//While economists say China's economic data can't always be trusted, they now have a new dilemma - there is no data.
On Friday, China said it wouldn't be setting a target for economic growth for this year.
//Abandoning the growth target is an acknowledgement of just how difficult a recovery in China will be in a post pandemic era. And while recent figures have shown that China is on the way out of its slowdown: it's an uneven recovery.
//But it's not business as usual
//Recent retail sales figures show just how difficult it is going to be to get people into shops and buying things.
//Many Chinese people are still worried about a second wave of infection, and they're not spending as much as they used to.
//unemployment figures - which officially came in slightly higher in April than in March, at 6%, edging closer to historical highs.
//The "true level of unemployment is likely double this", given that around a fifth of migrant workers haven't returned to the cities
//The Communist Party has always stated a growth target to achieve as a way of signalling how well China is doing.
//This time, it's different and the private sector is also under pressure... "No one was talking about trade wars at that time. The great offshoring of manufacturing to China was underway.
//"Now, the rest of the world is an economic funk - so there's no consumer demand, and nothing in terms of foreign trade. All of the headwinds that China was facing before the pandemic have been compounded by the coronavirus."
//For the last 40 years, China's Communist Party has been able to promise a simple contract to its citizens: we'll keep your quality of life improving and you fall in line so that we can keep China on the right path. It is the social contract that China's leader Xi Jinping crystallised as the "Chinese dream" when he announced it in 2012.
//2020 was meant to be a pivotal part of that grand plan - the year China would eliminate absolute poverty, raising the quality and standard of life for millions of people. But the coronavirus could be putting that social contract at risk.
//Which is why economic recovery for China is so critical - and not having a growth target gives the government much needed flexibility to work out a plan.
Full article: BBC news, (22-May)
https://www.bbc.com/news/business-52754782
#Coronavirus #Pandemic #Unemployment #China #Economy
How bad are China's economic woes?
//While economists say China's economic data can't always be trusted, they now have a new dilemma - there is no data.
On Friday, China said it wouldn't be setting a target for economic growth for this year.
//Abandoning the growth target is an acknowledgement of just how difficult a recovery in China will be in a post pandemic era. And while recent figures have shown that China is on the way out of its slowdown: it's an uneven recovery.
//But it's not business as usual
//Recent retail sales figures show just how difficult it is going to be to get people into shops and buying things.
//Many Chinese people are still worried about a second wave of infection, and they're not spending as much as they used to.
//unemployment figures - which officially came in slightly higher in April than in March, at 6%, edging closer to historical highs.
//The "true level of unemployment is likely double this", given that around a fifth of migrant workers haven't returned to the cities
//The Communist Party has always stated a growth target to achieve as a way of signalling how well China is doing.
//This time, it's different and the private sector is also under pressure... "No one was talking about trade wars at that time. The great offshoring of manufacturing to China was underway.
//"Now, the rest of the world is an economic funk - so there's no consumer demand, and nothing in terms of foreign trade. All of the headwinds that China was facing before the pandemic have been compounded by the coronavirus."
//For the last 40 years, China's Communist Party has been able to promise a simple contract to its citizens: we'll keep your quality of life improving and you fall in line so that we can keep China on the right path. It is the social contract that China's leader Xi Jinping crystallised as the "Chinese dream" when he announced it in 2012.
//2020 was meant to be a pivotal part of that grand plan - the year China would eliminate absolute poverty, raising the quality and standard of life for millions of people. But the coronavirus could be putting that social contract at risk.
//Which is why economic recovery for China is so critical - and not having a growth target gives the government much needed flexibility to work out a plan.
Full article: BBC news, (22-May)
https://www.bbc.com/news/business-52754782
#Coronavirus #Pandemic #Unemployment #China #Economy
BBC News
How bad are China's economic woes?
As China's National Party Congress gathers for its annual meeting its economy will be under the spotlight.
Forwarded from China in Focus - NTD
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A top Chinese official admits China has a serious #unemployment problem. He says one in every seven have no stable #income.
🔥WATCH HERE👉https://youtu.be/eoJagOArqXk
🔥WATCH HERE👉https://youtu.be/eoJagOArqXk
Forwarded from China in Focus - NTD
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Mass #protests break out in South China's Guangdong Province after local authorities imposed strict #lockdown measures without a clear reason.
Tens of thousands of people are facing #unemployment in Foshan city amid weeks of lockdowns.
🔥Watch the full episode👉https://youtu.be/jfrVEiLRLNc
Tens of thousands of people are facing #unemployment in Foshan city amid weeks of lockdowns.
🔥Watch the full episode👉https://youtu.be/jfrVEiLRLNc
Forwarded from China in Focus - NTD
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An expert inside #China is warning about a massive wave of #Unemployment in the country. The analysis by renowned Tsinghua University sociology professor Sun Li-ping recently went viral.
🔶Watch the full episode👉https://youtu.be/u9ZA3NDV7K4
🔶Watch the full episode👉https://youtu.be/u9ZA3NDV7K4
Forwarded from 📡Guardians of Hong Kong
‘I’m Very Anxious’: China’s #Lockdowns Leave Millions Out of Work
//Migrant workers and recent college graduates have been hit hardest by shuttered factories, closed construction sites and an anemic job market.
As China battles its worst coronavirus outbreaks, its uncompromising determination to eliminate infections has left millions unable to work. Stringent lockdowns, hitting city after city, have forced factories and businesses to shut, sometimes for weeks, including in some of the country’s most important economic centers.
Two groups have been especially hard-hit: migrant workers — the roughly 280 million laborers who travel from rural areas to cities to work in sectors such as manufacturing and construction — and recent college graduates. Nearly 11 million college students, a record, are expected to graduate this year...
Yang Jiwei, a 21-year-old from Anhui Province, worked as a waiter in Shanghai when the lockdown began. His residence, shared with four other people, had no kitchen supplies, so they could not cook the few packages of vegetables and meat that local officials had provided. He had been eating a dwindling supply of instant noodles...
But the official unemployment figures are widely considered an undercount. They do not capture many migrant workers, and they also count people as unemployed only if they are able to start working within two weeks. That would exclude people under extended lockdowns or the growing numbers of young people deferring job searches...//
Read the full article:
https://www.nytimes.com/2022/05/05/business/china-shanghai-covid-lockdown-economy.html
Source: New York Times #May5
#Unemployment #Discontent #Pandemic #ShanghaiLockdown #Covid19
//Migrant workers and recent college graduates have been hit hardest by shuttered factories, closed construction sites and an anemic job market.
As China battles its worst coronavirus outbreaks, its uncompromising determination to eliminate infections has left millions unable to work. Stringent lockdowns, hitting city after city, have forced factories and businesses to shut, sometimes for weeks, including in some of the country’s most important economic centers.
Two groups have been especially hard-hit: migrant workers — the roughly 280 million laborers who travel from rural areas to cities to work in sectors such as manufacturing and construction — and recent college graduates. Nearly 11 million college students, a record, are expected to graduate this year...
Yang Jiwei, a 21-year-old from Anhui Province, worked as a waiter in Shanghai when the lockdown began. His residence, shared with four other people, had no kitchen supplies, so they could not cook the few packages of vegetables and meat that local officials had provided. He had been eating a dwindling supply of instant noodles...
But the official unemployment figures are widely considered an undercount. They do not capture many migrant workers, and they also count people as unemployed only if they are able to start working within two weeks. That would exclude people under extended lockdowns or the growing numbers of young people deferring job searches...//
Read the full article:
https://www.nytimes.com/2022/05/05/business/china-shanghai-covid-lockdown-economy.html
Source: New York Times #May5
#Unemployment #Discontent #Pandemic #ShanghaiLockdown #Covid19
NY Times
‘I’m Very Anxious’: China’s Lockdowns Leave Millions Out of Work
Migrant workers and recent college graduates have been hit hardest by shuttered factories, closed construction sites and an anemic job market.
Forwarded from 📡Guardians of Hong Kong aka BeWater HK
‘I’m Very Anxious’: China’s #Lockdowns Leave Millions Out of Work
//Migrant workers and recent college graduates have been hit hardest by shuttered factories, closed construction sites and an anemic job market.
As China battles its worst coronavirus outbreaks, its uncompromising determination to eliminate infections has left millions unable to work. Stringent lockdowns, hitting city after city, have forced factories and businesses to shut, sometimes for weeks, including in some of the country’s most important economic centers.
Two groups have been especially hard-hit: migrant workers — the roughly 280 million laborers who travel from rural areas to cities to work in sectors such as manufacturing and construction — and recent college graduates. Nearly 11 million college students, a record, are expected to graduate this year...
Yang Jiwei, a 21-year-old from Anhui Province, worked as a waiter in Shanghai when the lockdown began. His residence, shared with four other people, had no kitchen supplies, so they could not cook the few packages of vegetables and meat that local officials had provided. He had been eating a dwindling supply of instant noodles...
But the official unemployment figures are widely considered an undercount. They do not capture many migrant workers, and they also count people as unemployed only if they are able to start working within two weeks. That would exclude people under extended lockdowns or the growing numbers of young people deferring job searches...//
Read the full article:
https://www.nytimes.com/2022/05/05/business/china-shanghai-covid-lockdown-economy.html
Source: New York Times #May5
#Unemployment #Discontent #Pandemic #ShanghaiLockdown #Covid19
//Migrant workers and recent college graduates have been hit hardest by shuttered factories, closed construction sites and an anemic job market.
As China battles its worst coronavirus outbreaks, its uncompromising determination to eliminate infections has left millions unable to work. Stringent lockdowns, hitting city after city, have forced factories and businesses to shut, sometimes for weeks, including in some of the country’s most important economic centers.
Two groups have been especially hard-hit: migrant workers — the roughly 280 million laborers who travel from rural areas to cities to work in sectors such as manufacturing and construction — and recent college graduates. Nearly 11 million college students, a record, are expected to graduate this year...
Yang Jiwei, a 21-year-old from Anhui Province, worked as a waiter in Shanghai when the lockdown began. His residence, shared with four other people, had no kitchen supplies, so they could not cook the few packages of vegetables and meat that local officials had provided. He had been eating a dwindling supply of instant noodles...
But the official unemployment figures are widely considered an undercount. They do not capture many migrant workers, and they also count people as unemployed only if they are able to start working within two weeks. That would exclude people under extended lockdowns or the growing numbers of young people deferring job searches...//
Read the full article:
https://www.nytimes.com/2022/05/05/business/china-shanghai-covid-lockdown-economy.html
Source: New York Times #May5
#Unemployment #Discontent #Pandemic #ShanghaiLockdown #Covid19
NY Times
‘I’m Very Anxious’: China’s Lockdowns Leave Millions Out of Work
Migrant workers and recent college graduates have been hit hardest by shuttered factories, closed construction sites and an anemic job market.
Forwarded from China in Focus - NTD
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Certain factors are hinting at trouble for #China's #JobMarket. One of them is record high #Unemployment insurance fund payouts. And it's not a small gap compared to last year.
⭕️ Watch the full episode 👉https://ept.ms/ChinaMonopoly_FULL
⭕️Save up to 50% 👉https://ept.ms/3bFhoZB
⭕️ Watch the full episode 👉https://ept.ms/ChinaMonopoly_FULL
⭕️Save up to 50% 👉https://ept.ms/3bFhoZB
Forwarded from China in Focus - NTD
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#China’s #Unemployment rate in May reached a record high of 20.8 percent for those aged 16–24. Combined with the record-breaking 11.58 million graduates this year, the pressure on the job market is unprecedented.
https://ept.ms/BarbieUnderFire_CIF
https://ept.ms/BarbieUnderFire_CIF