Victor Shih – Unemployment Potentially at 37 Million. ALREADY!

Monday, February 2, 2009 4:57
Posted in category The Big Picture

Northwestern University professor, and contributor to RGE Monitor’s Asia page, Victor Shih has come out with the post  Unemployment in China…Oh Boy where he breaks down a recent press conference of Chen Xiwen of the Central Finance and Economic Leading Group and concludes:

in total, official figures already reflect an unemployed force of 36.8 million.

You should read the full post to understand how he came to that figure, but if accurate, then China’s labor situation has deteriorated farther and faster than anyone predicted.

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One Response to “Victor Shih – Unemployment Potentially at 37 Million. ALREADY!”

  1. Rich says:

    February 3rd, 2009 at 9:08 am

    Following this news, two other articles of interest came across my RSS feed.

    where:

    The Chinese Communist Youth League, a government body for work related to the young, will coordinate in recruiting qualified companies and individuals, the League told Xinhua Monday.

    The youth leagues at municipal or provincial levels will select suitable companies to form the “bases”, businesses or sets of businesses which will be able to provide positions for at least 10 interns each year with basic living allowances.

    and China to enhance vocational training for jobless where:

    Local government should offer the migrant workers necessary training to help them find jobs in the railway and infrastructure construction, power sector and rebuilding of the quake-hit areas

    programs that are surely better than rabbit farming…. which, when installing their picture for the story, seemed to be the only seminar that could be captioned.

    One can only hope that the training programs can reach a level of scale that is far beyond what has been done so far… 50,000 student interns? there are an estimated 3 million graduates that are soon to hit the street unemployed, and they really need to find some pencils to push …