{"id":16912,"date":"2016-01-25T19:17:56","date_gmt":"2016-01-26T00:17:56","guid":{"rendered":"http:\/\/olduvai.ca\/?p=16912"},"modified":"2016-01-25T19:17:56","modified_gmt":"2016-01-26T00:17:56","slug":"china-warns-social-stability-threatened-as-400000-steel-workers-are-about-to-lose-their-jobs","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=16912","title":{"rendered":"China Warns “Social Stability Threatened” As 400,000 Steel Workers Are About To Lose Their Jobs"},"content":{"rendered":"

China Warns “Social Stability Threatened” As 400,000 Steel Workers Are About To Lose Their Jobs<\/a><\/h3>\n
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In late September, we were stunned to read (and report<\/a>) that in the first mega-layoff in recent Chinese history, the Harbin-based Heilongjiang Longmay Mining Holding Group, or Longmay Group for short, the biggest met coal miner in northeast China had taken a page straight out of Jean-Baptiste Emanuel Zorg’s playbook and fired 100,000 workers overnight, 40% of its entire 240,000 workforce.<\/p>\n

For us\u00a0this was the sign that China’s long awaited “hard landing<\/a>” had finally arrived, because as China’s paper of record, China Daily, added then: “now, many migrant workers struggle to find their footing in a downshifting economy. As factories run out of money and construction projects turn idle across China, there has been a rise in the last thing Beijing wants to see: unrest.<\/strong>”<\/p>\n

We added that “if there is one thing China’s politburo simply can not afford right now, is to layer public unrest and civil violence on top of an economy which is already in “hard-landing” move. Forget black – this would be the bloody swan that nobody could “possibly have seen coming” and concluded that as for the future of China’s unskilled labor industries, the\u00a0Fifth Element’s Jean-Baptiste Emanuel Zorg has a good idea of what’s coming<\/a>.<\/p>\n

Fast forward to today when, if not a full million,\u00a0Xinhua reports\u00a0<\/a>that as part of China’s proposed excess capacity production curtailments\u00a0the country’s steel production slash will translate into the loss of jobs for up to 400,000 workers, estimated Li Xinchuang, head of China Metallurgical Industry Planning and Research Institute<\/strong>. Li said\u00a0more people will be affected in the upstream and downstream industries<\/strong>. According to some estimates just like every banker job in New York “feeds” up to three downstream jobs, so in China every worker\u00a0 in the steel industry helps support between 2 to 3 additional job.s Which means, 400,000 primary layoffs would mean a total job loss number anywhere between 1.2 and 1.6 million jobs!<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

China Warns “Social Stability Threatened” As 400,000 Steel Workers Are About To Lose Their Jobs In late September, we were stunned to read (and report) that in the first mega-layoff in recent Chinese history, the Harbin-based Heilongjiang Longmay Mining Holding Group, or Longmay Group for short, the biggest met coal miner in northeast China had […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[130,2660,669,3174,824,11958,1031,4318],"class_list":["post-16912","post","type-post","status-publish","format-standard","hentry","category-economics","tag-china","tag-layoffs","tag-reality","tag-social-unrest","tag-unemployment","tag-unemployment-benefits","tag-yuan","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16912"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16912\/revisions"}],"predecessor-version":[{"id":16913,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16912\/revisions\/16913"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}