Migrant workers who look for jobs in cities in China are now leaving the cities and going back to their home towns as jobs losses mount amid economic slowdown. This wave of migrant workers leaving cities emerges for the first time since the financial crisis 2008/09.
A lot of migrant workers who were originally living in rural areas move to urban cities of China for jobs opportunities. The big surplus of workers from this source drove economic growth in the past decades. Although demographic projection suggests that labour force will stop growing, which seems to imply labour shortage rather than surplus, job creation is a bigger task for the time being as the economy slows.
China Securities Journal reports that a lot of migrant workers are either preparing to go back home or have already done so. Traditionally, these workers go back to home before the Chinese New Year holiday, but this year is difference. According to the Journal, factory workers and construction workers from rural areas have left their urban homes in Zhejiang, Jiangsu and other provinces as jobs losses increase…
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China’s growth rate slowed for a sixth successive quarter to its slackest pace in more than three years, highlighting the need for more policy vigilance from Beijing even as signs emerge that action taken so far is beginning to stabilize the economy. Year-on-year growth of 7.6 percent in the second quarter was a whisker above … Continue reading »
China’s job market has started to show signs of stress, putting pressure on the government to intensify fiscal spending to prevent the economy from weakening further. Like politicians the world over, Chinese leaders’ biggest single economic worry is whether unemployment is under control, and analysts say the job outlook will help determine whether they launch … Continue reading »
China’s factory sector shrank for an eighth straight month in June as export orders sentiment hit its weakest level since early 2009, according to a survey that indicates the country’s economic trough may extend well into the third quarter. The HSBC Flash Purchasing Managers Index, the earliest monthly indicator of China’s industrial activity, fell to … Continue reading »