Results tagged “economicslowdown”

Curious about what the Chinese stimulus plan looks like? Caijing Magazine has put together an interesting pie chart based on the recent “rebalancing” by the National People's Congress. Some of the biggest changes: a massive injection into sci-tech and social welfare, and surprisingly less towards rural civilian projects, considering how much publicity talks of “helping the rural areas” have been getting.

One of the biggest threats to stability China could face is already starting to happen: millions of people, most of them migrant workers, are unemployed. Chen Xiwen, the vice head of the Central Finance and Economic Leading Group, released several disturbing figures on Monday (helpfully translated by Victor Shih):

The CCP warned that 2009 will be "possibly the toughest year" to secure economic and agricultural development since the beginning of the century. A document issued jointly by the State Council and the Central Committee said that the world economy's slowdown would have an increasingly negative impact on the Chinese economy. The best solution for keeping growth up would be boosting rural areas using social security schemes and rural land and employment rights protections. Will 2009 be the year migrant workers actually choose to stay home? Source: Xinhua