Because of weakness of export to Europe and real estate, flocks of migrant workers in eastern China are returning back home, a phenomenon usually during Chinese lunar new year only, according to a Chinese financial newspaper.
The previous one occurred in October 2008, when international financial crisis was affecting domestic economy and making lots of migrant workers unemployed. Experts interviewed about this phenomenon say it’s because of the structural change of Chinese economy, when structural unemployment will inevitably happen.
Plenty of export companies are facing difficulties. For some, the difficulties are even tougher than 4 years ago, because Europe is their biggest export market, and the debt crisis made European orders reduce sharply.
This article is copyrighted by IVCPOST
Join the Conversation