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Monday 24 November 2008
Economic Giant Shandong Reports Job Losses
Shandong province, an economic powerhouse, yesterday reported job losses for the first time in years as the nation increasingly feels the pinch of the global economic meltdown.
Shandong province, an economic powerhouse, yesterday reported job losses for the first time in years as the nation increasingly feels the pinch of the global economic meltdown.
The province’s Federation of Trade Unions said the number of people employed in urban areas totalled 8.87 million by late September, down by 29,000 from the same period last year, Xinhua reported yesterday.
Shandong has the second-largest provincial economy in terms of gross domestic product, after Guangdong.
It was the first time in many years the booming coastal province reported job losses.
A federation spokesman said the province’s workers were suffering from the economic slowdown, with slowing salary increases and a growing number of labour disputes. The average salary over the last three quarters was 18,521 yuan (HK$21,000), an increase of 18.2 per cent against the same period last year. But the rise was 0.7 percentage points less than the increase in 2006, Xinhua said. The authorities in Qingdao, Shandong’s economic centre, had handled 7,897 labour disputes since January, or 141.6 per cent more than the same period last year.
Half of the cases concerned wages and another third involved social insurance and welfare issues.
Premier Wen Jiabao yesterday urged domestic companies to stay confident.
China is trying to increase domestic consumption to offset a downturn in demand for exports, on which its economy is heavily dependent. Zhejiang province , which Mr Wen visited along with Shanghai on a tour of the wealthy but export-dependent Yangtze Delta, is known for its private entrepreneurs.
“Great importance should be laid on the difficulties and challenges private companies face and more supportive policies should be given them to create a sound environment for their development,” Mr. Wen said.
He said big companies were crucial in driving economic growth and social development, and called on them to restructure and invest more in research and development to survive the crisis.
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Economic Giant Shandong Reports Job Losses
24 November 2008
Shandong province, an economic powerhouse, yesterday reported job losses for the first time in years as the nation increasingly feels the pinch of the global economic meltdown.
The province’s Federation of Trade Unions said the number of people employed in urban areas totalled 8.87 million by late September, down by 29,000 from the same period last year, Xinhua reported yesterday.
Shandong has the second-largest provincial economy in terms of gross domestic product, after Guangdong.
It was the first time in many years the booming coastal province reported job losses.
A federation spokesman said the province’s workers were suffering from the economic slowdown, with slowing salary increases and a growing number of labour disputes. The average salary over the last three quarters was 18,521 yuan (HK$21,000), an increase of 18.2 per cent against the same period last year. But the rise was 0.7 percentage points less than the increase in 2006, Xinhua said. The authorities in Qingdao, Shandong’s economic centre, had handled 7,897 labour disputes since January, or 141.6 per cent more than the same period last year.
Half of the cases concerned wages and another third involved social insurance and welfare issues.
Premier Wen Jiabao yesterday urged domestic companies to stay confident.
China is trying to increase domestic consumption to offset a downturn in demand for exports, on which its economy is heavily dependent. Zhejiang province , which Mr Wen visited along with Shanghai on a tour of the wealthy but export-dependent Yangtze Delta, is known for its private entrepreneurs.
“Great importance should be laid on the difficulties and challenges private companies face and more supportive policies should be given them to create a sound environment for their development,” Mr. Wen said.
He said big companies were crucial in driving economic growth and social development, and called on them to restructure and invest more in research and development to survive the crisis.
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