Authentical

In the past two years, 460,000 businesses have closed down nationwide, 3.1 million individual businesses have been deregistered, and 23 million people are facing unemployment. This doesn't even include nearly 10 million new graduates each year. Even the surviving companies are afraid to expand blindly, and are starting to downsize and lay off employees. In big companies in Shenzhen, laying off 20% of the workforce at once is no longer surprising. Even jobs once considered secure, like teaching positions, are now being contracted out, turning teachers into contract workers no different from regular laborers. For thirteen years, over a million people have registered for the teaching exams, with some positions seeing over 10,000 applicants for a single spot. The difficulty of securing these jobs now exceeds that of getting into Peking University or Tsinghua University. For ordinary people, finding a stable job is really tough. At the same time that many domestic businesses are closing down, foreign enterprises are also withdrawing from China. #chinaobserver All rights reserved.

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