China races to contain job losses as coronavirus batters economy

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China races to contain job losses as coronavirus batters economy

China, Health

2/18/2020

China races to contain job losses as coronavirus batters economy

When cameraman Mark Xia returned to his job this month after holidays, the Shang...

Cheng Leng 4 Min Read BEIJING (Reuters) - When cameraman Mark Xia returned to his job this month after holidays, the Shanghai video production house where he worked told him to take three months of leave with no pay, as a coronavirus epidemic takes a toll of China’s businesses. FILE PHOTO: A guard measures the body temperature of a worker with a thermometer at the entrance to a factory, as the country is hit by an outbreak of the novel coronavirus, in Shijiazhuang, Hebei province, China February 13, 2020. China Daily via REUTERS Now Xia is looking for a part-time job after the company, with a workforce of about 100, rejected his request to pay at least half his monthly salary during the suspension, and left him no choice but to resign. “I understand the company’s cash-flow is tight,” Xia, 25, told Reuters. “We postponed some shooting due to the coronavirus outbreak, and that’s had a huge impact on our revenues, that’s the reality.” Xia is one of many losing their jobs in the epidemic, which has killed nearly 1,870 and infected more than 72,000, sparking strict travel and movement curbs that have kept many businesses shut, disrupting demand and supply for goods and services. Many small firms like Xia’s former employer face cash crunches because of a lack of orders, forcing them to lay off workers or dock salaries to keep afloat. But the outbreak has yet to show signs of peaking. Any rapid rise in unemployment could pose a big challenge to China’s stability-obsessed leaders, with growth in the world’s second-largest economy already slumping to near three-decade lows. Just 34% of nearly 1,000 small and medium-sized firms said they could survive for a month on current cashflow, a recent survey by Tsinghua University and Peking University showed. A third said they could last for two months, while 18% said they could stick it out for three months. “There could be big layoffs,” said Wang Jun, Beijing-based chief economist at Zhongyuan Bank. “I think it’s more appropriate to compare the current impact to the global crisis, instead of that of SARS,” he added, referring to the outbreak of Severe Acute Respiratory Syndrome (SARS) in 2002 and 2003. MASS LAYOFFS? During the global financial crisis of 2008 and 2009, about 20 million Chinese migrant workers lost their jobs as exports tumbled. That prompted a huge stimulus package by Beijing that quickly boosted growth but saddled the economy with debt. But in 2002 and 2003, the Chinese economy stayed on a solid footing despite SARS. Last week, the cabinet pledged to prevent large-scale layoffs, telling local governments to help stabilize jobs by drawing on unemployment insurance and similar funds. Firms in China’s sprawling services sector, from restaurants and hotels to shops, cinemas and travel agents, have borne the brunt of the outbreak, besides small manufacturers that were just barely profitable, economists said. “The employment situation is OK in the first quarter, but if the virus is not contained by end-March, then from the second quarter, we’ll see a big round of layoffs,” said Dan Wang, an analyst with the Economist Intelligence Unit (EIU). Job losses could run as high as 4.5 million, he forecast. Private firms account for 80% of urban employment. Before the virus outbreak, unemployment had already risen, with the official survey-based jobless rate standing at 5.2% in December, up from 4.9% in April 2018 as a trade war with the United States pinched firms. Policymakers have unveiled a raft of measures to buttress the economy against an expected first-quarter hit. Economists have repeatedly cut growth forecasts as the virus spread. Investment house Nomura expects first-quarter growth of 3%, down from 3.8%, due to the lower-than-expected rates of return to work after the extended Lunar New Year holiday and business resumption. Economic growth slowed to 6% in the fourth quarter, with 2019 growth at 6.1% - the weakest in nearly three decades. Rising job losses could hurt incomes and consumption, reducing the chance of a sharp recovery in the economy once the outbreak is contained, economists said. Additional reporting by Gabriel Crossley in Beijing; Editing by Ryan Woo and Clarence Fernandez Our Standards: Read more: Reuters Top News

It's not just the elderly or people with pre existing conditions dying anymore! 🤓Poor Snoopy. Your snout degraded to measure people's bodyheat. bootless. Doggo Best wishes for those fallen ill & those attending them. It’s a Chinese Snoopy with a top hat tester, coronavirus cant be that bad. I assume the temperature gun is usually used with children and not hairy armed men.

Guessing China killed off a little too much of their population... didn’t think about the economic impact first. Typhoid snoopy

Trump Administration Considering Halting Sales of Aircraft Parts to ChinaThe Trump administration is considering halting the sale of an aircraft engine produced in part by General Electric to China , 2 people familiar with the discussions said Check our latest post for an infographic summarising the costs of Coronavirus on random industries. We are posting infographics like these daily. they just steal the damn technology anyway and get away with it. Can some smart researcher check on market manipulation by Trump connected investors GE ?

China accuses US of hypocrisy over Huawei, highlighting claims it spied on German leader Merkel China 's foreign ministry spokesperson brought up old allegations that the U.S. spied on Germany leader Angela Merkel to accuse Washington of hypocrisy over its claims that Huawei is untrustworthy. Ban Huawei now! 😂 thats the game, duh!

Apple says will not meet revenue forecasts due to China virusUS tech giant Apple says won't meet revenue target as coronavirus hits both production and demand in China Not surprising. I don’t know who President Obama asked the FBI to investigate on behalf of George Soros, but the whispers are it was Jeff Bezos. Which would explain The Washington Post’s unbelievably insane ‘eulogy’ for Baghdadi and their complete dedication to serving the DNC

China sees rise in new virus cases, death toll rises by 105BEIJING (AP) — Mainland China on Monday reported a slight upturn in new virus cases and an increase by 105 in deaths caused by the illness for a total of 1,770 since the outbreak began. The... Thanks A(lways) P(ropoganda) Out of 1.3 billion people in China. start adding a 0 when reporting on this

What scientists think about China changing how it counts coronavirus casesWhen China last week changed the criteria for diagnosing and reporting patients with novel coronavirus in Hubei province, the result was a staggering 14,840 new cases -- and from Wednesday night into Thursday, another 242 deaths. Experts said they'd long suspected cases in China had been undercounted

Coronavirus death toll tops 1,800 as 780 million remain on lockdown in ChinaThe death toll from the novel coronavirus has reached 1,873, as almost half of China 's 1.3 billion-strong population remain subject to varying forms of travel restrictions and other quarantine measures. more than 50% See how some Chinese spread the virus... the video was secretly taken at the elevator in China It is 1.3 billion . How many school shootings? The total reported? 360 million is the pop. Of the U.S.. So. . 36 billion 4 times the US approx. Conversation of the peso is more mind boggling



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