Posted on 03/02/2016 4:07:30 PM PST by Olog-hai
China aims to lay off 5 to 6 million state workers over the next two to three years as part of efforts to curb industrial overcapacity and pollution.
The move is being seen as Beijing's boldest retrenchment program in almost two decades.
China's leadership, obsessed with maintaining stability and making sure redundancies do not lead to unrest, will spend nearly 150 billion yuan ($23 billion) to cover layoffs in just the coal and steel sectors in the next 2-3 years. [...]
The hugely inefficient state sector employed around 37 million people in 2013, and accounts for about 40 percent of the country's industrial output and nearly half of its bank lending. ...
(Excerpt) Read more at dailymail.co.uk ...
Next stop, the USA! Come on over, Commies!
Quick Donald, fly over to Bejing and find out how they did it!
No it’s Bernies new plan, don’t even come to work we will pay you anyways.
I wish we could do that here.
We all know how Chairman Mao would take care of this problem.....
We should try that here.
China has been gradually cooling and reorganizing production to better match demand for the near future. Foreign bond investments in consumer nations outside of China will probably also be adjusted before long. The decoupling process is turning out to be somewhat long and gradual.
China sacks 6 million workers.
Beware of the Chinese food you eat over the next few months.
How do you say “Soylent Green” in Chinese?
We need to do that here.
The thing about sacking 6 million Chinese workers is that an hour later you feel like sacking 6 million more Chinese workers.
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