In biggest layoff in China, coal company axes 100,000 workers
BEIJING: A coal company announced the biggest layoff seen in China in recent years as it is set to relieve 100,000 workers accounting for 40% of its labour force.
Heilongjiang Longmay Mining Holding Group Co Ltd. said it was taking action to reduce recurring losses, and will bring about the labour cut in the next three months. It has 240,000 workers on the rolls at present.
this is the reason modi is implementing sustainable development rather than fast paced mindless development
But India need to be very careful.. as china has $3 trillion resrve and bonds worth another $2trillion. which can be use for support their economy. Indian public should be patience and should have faith in this government.
Soon other companies will follow. It will result in labour unrest. Affect the economy. Will stop Chinese expansionist ideas.
ash • 34 mins ago
china off loads 1 lk workers !! can you imagine what the unions would do if that happened in india ? markes , strikes , riots , goondagiri , politicians posturing .
We should not write off China … after all the dragon could rise again and defeat the elephant !
True Chaina. Chaina figures are not at all dependable. only Ruchir sharma has to belive
It is of no concern to us any way
Under the present scenario, if one country fails it effect other countries too.
China appears to be inflating its growth story during the last many years touch.
Apart from Goods made in China, they will soon export their labour force too to other countries . India beware
there will be war soon from China to keep running it’s economy.
Had it been India… dozen of unions would have raised black flags and gone on strike with political parties supporting it.