Massive layofffs in China

[Guest Tony n Terrific]

The government, always concerned about social instability, is now on high alert, fearful of the consequences of a huge mass of jobless, disappointed, rootless young men. So far over 10 million migrant workers have returned back to their homes. It is sounding more like John Stienbeck's story The Grapes of Wrath. However there is no 1930s type California to go to.

 

 

 

http://money.cnn.com/2008/12/30/news/inter...sion=2008123006

[rogerluli]

As the article points out there may be a silver lining to this movement as many well-trained and talented workers from Guangdong return to their roots in the interior of China and bring their skills and business savy home to help finally develop more than just the coastal ciites of China...

[Don]

As the article points out there may be a silver lining to this movement as many well-trained and talented workers from Guangdong return to their roots in the interior of China and bring their skills and business savy home to help finally develop more than just the coastal ciites of China...

 

 

 

I want it documented here that Roger only posted good info and no negative info in this post.

[rogerluli]

As the article points out there may be a silver lining to this movement as many well-trained and talented workers from Guangdong return to their roots in the interior of China and bring their skills and business savy home to help finally develop more than just the coastal ciites of China...

 

 

 

I want it documented here that Roger only posted good info and no negative info in this post.

 

I better pin this Don...

[rogerluli]

Another story of migrants heading home after losing their jobs in Guangdong... Can you conceive of standing for 38 hours on a train packed in like sardines???

 

http://www.washingtonpost.com/wp-dyn/conte...9010101848.html

[Wendy W]

I am going back to my hometown too the layoffs is no kidding.

Edited January 2, 2009 by Wendy W (see edit history)

[rogerluli]

I am going back to my hometown too the layoffs is no kidding.

 

You too little sister???

 

Well Dylan is coming to your rescue very soon now...

[Wendy W]

I am going back to my hometown too the layoffs is no kidding.

 

You too little sister???

 

Well Dylan is coming to your rescue very soon now...

 

 

[Sebastian]

Another story of migrants heading home after losing their jobs in Guangdong... Can you conceive of standing for 38 hours on a train packed in like sardines???

 

http://www.washingtonpost.com/wp-dyn/conte...9010101848.html

 

 

Yup - twice a year, for CNY - coming and going in/out o GuangDong province.

 

You know - a young couple parks the one child with grandma, for her to raise, as they get into the coastal cities for work.

 

Train Service is amazing.

 

But don't forget last year, as the record snow falls made CNY travel near to impossible, with loads o riots round the Guangzhou Train Terminals.

[Stone]

The Chinese yuan has virtually stopped rising against the dollar for the past 6 months or so. With the new Adminstration and Congress policy, we are more likely to see Yuan to stall its appreciation against the dollar.

[Dennis143]

Pretty dire news continues here too:

Manufacturing index drops to 28-year low

Signs grew that the economy could turn even weaker in 2009, as an index of December manufacturing activity sank to its lowest point in 28 years. Every corner of the sector was down, from bakeries to cigarette-makers to aluminum smelters.

 

http://news.yahoo.com/s/ap/20090102/ap_on_bi_ge/economy

[Guest Tony n Terrific]

Pretty dire news continues here too:

Manufacturing index drops to 28-year low

Signs grew that the economy could turn even weaker in 2009, as an index of December manufacturing activity sank to its lowest point in 28 years. Every corner of the sector was down, from bakeries to cigarette-makers to aluminum smelters.

 

http://news.yahoo.com/s/ap/20090102/ap_on_bi_ge/economy

Ford Motor predicts that auto sales will continue to slide the 1st quarter of this year and then start rebounding. 3 more months of doldrums? Oil also jumped up to $46.21 a bbl and the Big Board topped 9,000 today.

Edited January 2, 2009 by Tony n Terrific (see edit history)

[Stone]

Americans may have a better safety net than Chinese. When American workers are laid off, they can have unemployment insurance benefits. Some union workers are paid at 90% of their regular salaries in addition to unemployment claims.

 

Americans also have social security disability benefits, Medicaid, welfare checks, food stamps, public housing, etc. Chinese laid off workers do not have such luck.

[Yan and Tom]

"Is China just a flash in the pan"

 

I believe China is in the process of internalizing their economy. They have accumulated a huge pile of foreign reserves and have a huge manufacturing base, which they will likely be able to buy from foreign investors for pennies on the dollar. Also I believe the Chinese people (those with good jobs) are good about saving their money.

 

While I think there will be some difficulties in the transition, I think China will weather the current economic storm better than many countries. I think a period of economic and social self reflection in the face of the current situation will be beneficial to the Chinese as a whole. That is my poorly educated opinion.

 

Tom B

[Guest Rob & Jin]

I am going back to my hometown too the layoffs is no kidding.

 

You too little sister???

 

Well Dylan is coming to your rescue very soon now...

 

 

 

 

yes Jin was talking about this today, over 300,000 workers have returned to kunming as their work dried up in other cities.