If we compare China with the United States now, there are a lot of interesting things that can be noticed. Chinese economy came under tremendous stress, but there was no news of mass layoffs and economic collapse. But within the initial few weeks, millions have become unemployed in the United States and the economy is near breaking point. This just shows that which economy is more resilient.
Just because we don't know about mass unemployment in China doesn't mean it isn't there. Government-controlled media can only provide information that reflects the government's position.
Even then, the official numbers are bad. Unemployment in China is still hovering just below February levels, which were the highest unemployment levels on record. https://www.wsj.com/articles/coronavirus-ravages-chinas-economyand-its-just-getting-started-11587122990
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Joblessness has emerged as an additional worry, soaring from a narrow range around 5.0% in recent years to 5.9% in March—after a record 6.2% in February.
Though officials said Friday that China hasn’t suffered large-scale layoffs despite the pandemic, economists estimate as many as 80 million people—roughly twice the population of California—have lost their jobs or not been able to return to work in the past three months, in a working age population of roughly 900 million.
Larry Hu, an economist at Macquarie Group, said he expects joblessness to rise by another 10 million in the coming months unless Beijing enacts a major stimulus.
Though officials said Friday that China hasn’t suffered large-scale layoffs despite the pandemic, economists estimate as many as 80 million people—roughly twice the population of California—have lost their jobs or not been able to return to work in the past three months, in a working age population of roughly 900 million.
Larry Hu, an economist at Macquarie Group, said he expects joblessness to rise by another 10 million in the coming months unless Beijing enacts a major stimulus.
90 million people losing their jobs sure sounds like mass layoffs to me.
Thats huge number of people are losing job i don't know how our life will be after this pandemic over.