The wealth gap in China, reflected in the gini coefficient, is moving into dangerous heights, and government action is needed to narrow to divide between rich and poor, says professor Zhang Juwei, director of the labor and social security research center at the Chinese Academy of Social Sciences to the China Daily.
Category Archives: labor
Top executives at China’s internet giant Tencent earn higher salaries than their counterparts at Amazon, Twitter, Intel Apple and IBM, according to job portal Zhaopin.com. Business analyst Shaun Rein is not surprised, he tells the South China Morning Post. There is no other way to retain their talent in China.
Rising wages have already put China in the same cost-league as Portugal and South-Africa, forcing manufacturers to low-wage countries. But that is only one challenge for a major shift in the labor market, says business analyst Ben Cavender to CNBC.
Author Zhang Lijia of the much-acclaimed book Lotus: A Novel on prostitution in China discusses with Eric Fish on the weblog of the Asia Society how Chinese women end up in this trade. While triggered off by inequality, it is a way to improve their lives, she says.
Commentator Dan Southerland of Radio Free Asia is clearly touched by the moving book Lotus: A Novel by Zhang Lijia on the life of prostitutes in China. “An uplifting book on a sad subject,” he says about the book.
A fast shrinking labor force, who mostly get a college degree, creates a dramatic shortage of skill labor workers, China used to have plentiful in the past, says Zhang Juwei, director of the Institute of Population and Labor Economics of the Chinese Academy of Social Sciences to Caixin.
President-elect Donald Trump has announced he will get American jobs back from China, and named China a currency manipulator. But jobs have already moved away from China, says business analyst Shaun Rein, author of The End of Cheap China, in the International Business Times, and he has missed 10 years of change in China.
Xi Jinping´s anti-corruption drive and ongoing economic reforms makes it labor force into a hard-to-manage challenge, tells journalist Wei Gu to CNN. Qualified people do not dare to apply for jobs, and finding jobs for those losing employment is equally tough.
Chinese authorities have started to crack down on zombie firms, firms that mostly exist in name. A good sign, writes financial analyst Sara Hsu in the Diplomat, but there might be huge differences between provinces, she warns, as the government also wants to avoid job losses.