China to lay off 1.8 million workers or 6 million workers
I wonder if they’ll do it by text.
Here’s the article, taken from the Guardian.
*Update: News from Reuters is that the figure may be closer to 6 million. http://qz.com/630094/chinas-massive-state-company-layoffs-could-triple-to-6-million-people/
China slowdown
China expects to lay off 1.8 million workers in the coal and steel industries, or about 15% of the workforce, as part of efforts to reduce industrial overcapacity.
It was the first time China gave figures that underlining the magnitude of its task in dealing with slowing growth and bloated state enterprises.
Yin Weimin, the minister for human resources and social security, told a news conference on Monday that 1.3 million workers in the coal sector could lose their jobs, plus 500,000 from the steel sector.
China’s coal and steel sectors employ about 12 million workers, according to data published by the National Bureau of Statistics. “This involves the resettlement of a total of 1.8 million workers. This task will be very difficult, but we are still very confident,” Yin said.
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