Economists have estimated China’s job losses at 20 million – and perhaps as high as 70 million
. On social media, the list of people describing work lost because of the virus includes movie extras, advertising agency functionaries, housekeepers, tour guides, hotel workers and garment makers.
“With people on the front lines being severely affected, we’re talking about close to 100 million jobs,” he said. People in the service sector, in particular, are walking “a fine line.” Governments have leaned on businesses to keep paying their workers, but that can only last so long. They estimated that in China’s manufacturing heartland, unemployment has increased 30 per cent. The main impact is on export-oriented companies, the manager said, as those that primarily do domestic business continue to look for workers. The extent of the job losses has become obvious: Salaries for temporary workers have fallen, while job postings attract three to five times more applications.
China is expected to release the new measures next week at the annual meeting of the Two Sessions, its rubber-stamp parliament.
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