Victor Shih – Unemployment Potentially at 37 Million. ALREADY!
Monday, February 2, 2009 4:57Posted 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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Rich says:
February 3rd, 2009 at 9:08 am
Following this news, two other articles of interest came across my RSS feed.
where:
and China to enhance vocational training for jobless where:
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 …