20 million jobs lost (China economy)

[MachM]

China says 20 million migrant workers have lost their jobs during the economic downturn - three times greater than had been suggested previously.

A survey carried out in 15 provinces suggests around 15% of the total migrant labour pool is now unemployed.

Each year between five and seven million new workers from rural areas come to China's biggest cities looking for work.

They join a migrant worker labour pool estimated at around 130 million.

There are fears that large numbers of unemployed workers could lead to social unrest.

http://news.bbc.co.uk/2/hi/asia-pacific/7864293.stm

[MachM]

I think population of Tokyo is 20 million people.

[RickyJ]

20 million hungry people can be a problem for a dictatorship. But not one that can't be solved. They can be put to work building a moon base. China is going to conquer the universe I tell you.

[raystone]

So, they go back home and farm. China will be just fine, thank you.

[Jeez]

I think population of Tokyo is 20 million people.

Tokyo last i checked is not in China

[RickyJ]

So, they go back home and farm. China will be just fine, thank you.

Oh, they have farms big enough to feed 20 million extra mouths? Then they should have been doing that to start with. Why did these people leave the farms to look for work in the cities? Because they weren't doing so well on the farm. One drought and they will all be starving. They won't be doing very well then. No, they need to start drawing up plans for their moon base and get them trained and educated to build the thing.

[RickyJ]

Tokyo last i checked is not in China

I think he knew that. I think it was just a comparison to better grasp just how many people in China have recently lost their jobs. A whole super size city laid off, imagine that.

[Jeez]

I think he knew that. I think it was just a comparison to better grasp just how many people in China have recently lost their jobs. A whole super size city laid off, imagine that.

IIRC there are close to 300 mill till living at poverty levels in China 20 million isn't going to make things much worse. These people really have no say, china's main priority is its middle class.

[raystone]

Oh, they have farms big enough to feed 20 million extra mouths? Then they should have been doing that to start with. Why did these people leave the farms to look for work in the cities? Because they weren't doing so well on the farm. One drought and they will all be starving. They won't be doing very well then. No, they need to start drawing up plans for their moon base and get them trained and educated to build the thing.

China has enough arable land and water to feed its projected population of 1.48 billion in 2025. Not big farms, but an incredible number of family farms. The migrant workers go to the city for a shot at increased prosperity, but it's not do or die.

[theoakman]

not for nothing, but China has about 2 trillion in reserves in USD alone. They could maybe, buy some food with that?

[danberkeley]

not for nothing, but China has about 2 trillion in reserves in USD alone. They could maybe, buy some food with that?

lol. winner!

[torchbearer]

not for nothing, but China has about 2 trillion in reserves in USD alone. They could maybe, buy some food with that?

I'll sell them some food...
But I didn't know the chinese ruling elite cared much about their slave labor pools.
Just enough grits or oatmeal to keep them working.

[danberkeley]

But I didn't know the chinese ruling elite cared much about their slave labor pools.

Exactly. That is why I am glad to have Obama cuz like, Obama cares. lol wtf

Just enough grits or oatmeal to keep them working.

[lucius]

IIRC there are close to 300 mill till living at poverty levels in China 20 million isn't going to make things much worse. These people really have no say, china's main priority is its middle class.

No, if they are a problem, the government will just kill them--plain and simple. You understand that PRC is not egalitarian and is a tyrannical police state that was placed in power by large banking interests...right?

[MachM]

I think he knew that. I think it was just a comparison to better grasp just how many people in China have recently lost their jobs. A whole super size city laid off, imagine that.

Yes, just think the whole of Tokyo is unemployed. That is 20 million people unemployed.

[jon_perez]

20 million hungry people can be a problem for a dictatorship. But not one that can't be solved. They can be put to work building a moon base. China is going to conquer the universe I tell you.

Actually if you have 20 million hungry people, the best way to put them to work is in farms, eh?

We modern people are so lazy and confused that we forget that our agricultural technology actually allows one person to feed maybe as much as a hundred others, if not more. Starvation should never really be an issue with our modern technology, in theory.

In practice though, politics and "career choices" may result in not having enough food to feed everyone who needs to.

What did Jim Rogers say? Farmers will be the ones driving Maseratis, while the financiers will be the ones driving tractors and taxis soon.

[RickyJ]

Actually if you have 20 million hungry people, the best way to put them to work is in farms, eh?

They aren't hungry because of a lack of food, they are hungry because they have no job to buy the food. More food production is not the answer, more industrial and technical jobs are.

[torchbearer]

They aren't hungry because of a lack of food, they are hungry because they have no job to buy the food. More food production is not the answer, more industrial and technical jobs are.

Who was one of there biggest buyers? We were.
Now that we are broke.. who are they going to sell too?
Everyone else is broke too.
So they collected huge savings... and now have no more customers.

On a gold standard, they would now have to buy from us until we have enough money to buy there stuff again.

[RickyJ]

IIRC there are close to 300 mill till living at poverty levels in China 20 million isn't going to make things much worse. These people really have no say, china's main priority is its middle class.

The problem is that these 20 million have had a taste of the "good life" and they won't be satisfied with moving on down. Most of China's 300 million in poverty have never had a taste of the good life so they can be somewhat content with what they have. But these newly unemployed will be restless. The Chinese government better find them something to do or there will be problems.

[lucius]

They aren't hungry because of a lack of food, they are hungry because they have no job to buy the food. More food production is not the answer, more industrial and technical jobs are.

The logical solution will be a reduction in the 'useless feeders'--watch how all this will unfold. They are completely inculcated/domesticated with no private firearm ownership; they will rely on the state for solutions.

[danberkeley]

Who was one of there biggest buyers? We were.
Now that we are broke.. who are they going to sell too?
Everyone else is broke too.

On a gold standard, they would now have to buy from us until we have enough money to buy there stuff again.

Yes. THeir exports have collapsed. They can sell their stuff to themselves. However, they can only do that if their currency appreciates.

So they collected huge savings... and now have no more customers.

They can buy their own stuff. with that savings.

[torchbearer]

Yes. THeir exports have collapsed. They can sell their stuff to themselves. However, they can only do that if their currency appreciates.



They can buy their own stuff. with that savings.

That assume the people have the savings and not the ruling elite.
If they can buy their own stuff, why are they having problems?
Shouldn't they be totally self sufficient with everyone having a huge savings account and a booming economy?
Yet, they have the opposite.
So, who is right? You or Me?

[danberkeley]

That assume the people have the savings and not the ruling elite.

The Chinese middle class has a huge savings rate. Who do think let the Americans borrow the money to buy stuff? Look at America's saving rate. It negative last year. How were Americans able to buy stuff?

If they can buy their own stuff, why are they having problems?

They are trouble EXPORTING. Americans and Europeans are buying less stuff. If the Chinese started buying their own stuff, their exports would still suffer because they arent expoorting, but their domestic sales would skyrocket.

Shouldn't they be totally self sufficient with everyone having a huge savings account and a booming economy?

They can be.

[theoakman]

That assume the people have the savings and not the ruling elite.
If they can buy their own stuff, why are they having problems?
Shouldn't they be totally self sufficient with everyone having a huge savings account and a booming economy?
Yet, they have the opposite.
So, who is right? You or Me?

a lot of their businesses were set up for exporting to other countries. The transition from exporting from ships to shipping by truck across the country doesn't happen in a matter of months. Regardless of the fact, if China wants to do an "economic stimulus", which I think is the wrong move, they have the money to do it and they don't have to print it out of thin air.

[sdczen]

1.3 Billion people and 20 Million unemployed = .015% Unemployment

Seems pretty insignificant to me. Especially knowing that the savings rate of the Chinese population is around 40-50%. Many left their village farms over the last few years to go work in the cities. They saved the majority of what they earned and now they'll go work on the village farms until things pick back up.