My comment: Some gurus predicted that China´s economy would suffer recession as much as other economies are suffering. Once people see that those catastrophic predictions were wrong, it seems to me that some sort of euphoria is spreading across the country.
China is flexible and dynamic enough to adapt itself and to weather this crisis, furthermore it has resources enough to do it. But fresh data should not release our euphoria. This is just the first step of a long and deep crisis that will last at least one decade. Next phase is hyperinflation. Euphoria, lack of rigor, exhuberance, etc. would lead to worsen next phase, We still have to be cautious and patient, more than ever. Maybe we should take example of those entrepreneurs mostly in Guangdong who decided months ago not to fire people amid symptoms of crisis worsen. Now, they are in a better position than competitors that inmediately fired employees. They had confidence on themselves, on their staff, on the overall economy, etc. but they were cautious as they knew that crisis was there. They gained the confidences from workers, suppliers, banks and from the whole society. My humble praise to them from here. Now, their prudence and trust starts to produce fruits. But, if they easily fall into euphoria, those hard decissions and efforts that they made will have been vain. Please, take next article with this spirit of moderate optimism, trust but prudence and caution. The worst is still very few years ahead, this is just the first phase. Any excess that we do now will be paid later. Peace and best wishes. Xi Job situation in China not as bad http://news.xinhuanet.com/english/2009-04/24/content_11247996.htm BEIJING, April 24 -- It is reassuring that the latest official statistics indicate that China's labor situation is not as bad as many people have feared. Yet, if the country is to consolidate and sustain its current momentum of economic recovery, policymakers should keep focusing on creating more jobs, especially for farmer-turned-migrant workers. China's urban registered unemployment rate rose to 4.3 percent in the first quarter from 4.2 percent at the end of last year, according to the Ministry of Human Resources and Social Security. Such a rise in urban unemployment, to our delight, is much milder than expected, given the rapid slowdown of the Chinese economy. The country's gross domestic product grew by only 6.1 percent in the first quarter of this year, the slowest pace in about a decade. Though this official unemployment number can't depict the country's overall labor situation, it gives a useful clue about the trend of job growth. That new jobs created in cities increased steadily from 690,000 in January to 930,000 in February and 1.06 million in March clearly indicates an improvement in the urban labor market. A more encouraging message from the Ministry of Human Resources and Social Security is that 90 percent of the migrant workers, who returned to rural homes before the Spring Festival, went back to cities for jobs, and only about 7 million of them still stayed at home by the end of the first quarter. Since Chinese farmers earn nearly 40 percent of their incomes from jobs in the city. An early government survey, revealing that 20 million migrant workers lost their jobs before the Chinese lunar new year, had shocked the public. If the grave unemployment reality for migrant workers can't be promptly addressed, Chinese farmers will have no chance to narrow their income gap with urban residents and the government's efforts to boost rural consumption may be of no use. Fortunately, thanks to the government's all-out efforts to boost job growth, most of the migrant workers have now returned to work in cities and many of those who stayed home have also found local employment. China's road to recovery remains long, so its battle against rising unemployment will not end any time soon. Policymakers of the country should build on the current momentum to promote a sustainable job-creating recovery. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/world-thread?hl=en -~----------~----~----~----~------~----~------~--~---
