Chinese officials have today announced plans to lay off 1.8 million workers in their coal and steel industries as part of a wider plan to restructure the country’s economy.
The move is part of president Xi Jinping’s efforts to control the ongoing loss of profits the factories are running on state expenses.
According to qz.com, China built its economy on heavy state investment in export manufacturing industries.
While this created a large number iof jobs for low-skilled workers, the downturn on coal and steel prices mean the factories are now operating at a loss – cutting into the profits made by the state.
Officials have yet to make the decision on when the cuts will come into effect.
‘This person cannot take your call right now, please text instead’ The mobile telephone is one of the great inventions of humankind – the ease of communication with anybody, anywhere at anytime. Along with faster, larger and more efficient travel, the mobile phone has helped shrink the world to a point where you can live, […]
“I am not going, if that’s what you’re asking.” Niall Horan has revealed why he won’t be attending Harry Styles and Zoe Kravitz’s wedding. Last month, it was reported that former One Direction singer Harry Styles and Big Little Lies actress Zoe Kravitz are engaged after eight months of dating. People Magazine then confirmed the […]
Very sad news just in. Gogglebox star Ken Harwood has died. The 77-year-old passed away following a short illness. His death was confirmed by the Gogglebox bosses who said that he passed away last week. They’re set to pay tribute to him on tonight’s show. Ken and his wife Anne were popular Gogglebox cast members […]
