China may not say it openly, but the whole world is aware that the big nation is in financial crisis. In a bid to dump the world with the products at the cheapest impossible way, China has stuck in its own web of over productivity. The time has come to make some drastic measures, to stop things from getting worse. The reliable sources in China have revealed that the Communist government is going to lay off millions of workers to deal with over capacity.
China is expected to lay off 1.8 million workers in the coal and steel industry alone. The coal and steel industry has proved to be a major pollutant for china and the returns too were on the diminishing mode. It would be a major retrenchment drive since 1998-2003 at the time which, china has laid down 28 million workers. The retrenchment would certainly hit the economy as the government has to provide huge package for the workers who were being laid off! So, we can be almost sure of another major jerk in the world markets in the coming months!
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