Nov 02 2008
China faces Unemployment Crisis.
With the impending doom and gloom facing The Present Global Economy it is no wonder that the Snowball Effect will be hitting even countries like China that can boast a Trade Surplus and an annual growth rate exceeding ten percent per annum. The only problem is that as consumer spending lessens and even stagnates in parts of the World so does the demand for Chinese goods lessen which means that a whole new wave of jobs are going to be lost in the forthcoming months.
Even the Vice-Minister of Labor Wang Dong Jin has admitted that this grim situation ‘could well undemine social stability’ which is grave terminology for Chinese Bosses to be using. The Government is doing all it can to cushion the effect of this mighty blow but how much can it salvage when the parameters of a crisis are going well beyond its borders? It looks like it isn’t just North America and Europe facing a problem.
You can read more on News Inside China .
