News out this evening regarding a planned liquidation of the Chinese coal and steel sectors has investors less than enthusiastic regarding Chinese shares. As such, they’re selling off accordingly.
Yin Weimin, minister of human resources and social security, said capacity cuts will lead to some layoffs in 2016, but added that he was confident of keeping employment stable this year despite downward pressure on the economy.
No timeframe was given for the 1.8 million figure cited.
To combat this massive reduction in the Chinese jobs market, China’s Premier Li Keqiang said a fund valued at 100 billion yuan has been established to succor the soon to be jobless workers.
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Guess their growth rate will fall even more.
the pain trade works both ways