Wednesday, Jan 21, 2009
China’s official urban unemployment rate jumped for the first time since 2003 and may climb to an al
bloomberg: China Faces Worst Unemployment in Decades as Slowdown Deepens
“Growth has fallen off a cliff in China in recent months,” said Paul Cavey, chief China economist at Macquarie Securities Ltd. in Hong Kong. “It does already feel like a recession for a lot of people.”
Posted by chris @ 10:36 PM (569 views) Add Comment
5 Comments
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1. stillthinking said...
Would you rather have too many factories, or not enough?
2. little professor said...
Chinese government are getting really scared that they will be overthrown if there is mass civil unrest. They have been able to rule by 'benign dictatorship' as most people were so happy with years of economic prosperity and growth that they didn't really care who was in power. Tens of millions of angry unemployed youths do not make for social stability.
3. it_is_going_with_a_bang said...
Hmmm ...I know another country where people don't care who is in power if their pockets are lined ....
4. fjcruiser said...
China may well break up and go back to being ruled by warlords and living in chaos like in the 30s. The end of the one party rule is in sight.
5. bellwether said...
ST I take your point but its a matter of degree. After a certain point not enough would be better