Catherwood LibraryILR School

The trade sector in China shrank at a faster rate last month than in November. The losses are likely to spur unemployment, especially in the trade-heavy coastal regions. Officials are concerned about social unrest, as millions of work-less migrants return to their homes in the inner provinces. Millions of jobs have already been lost in China, millions more languish on extended furloughs, and a significant portion of workers have been recently resigning, in order to be ensured of their next paycheck before a soon-expected wave of bankruptcies. The Guangdong province has been particularly unfortunate. 64,000 companies closed last year, and 600,000 migrants left the province, unable to locate paid employment. Over a sixth of the regions factories have closed, and over a million jobs lost. Across the board trade losses suggest that the global economic slump has negatively affected global demand.