CHAPTER TWENTY
China’s Nightmare: No Jobs for the Millions
THERE ARE NO UNEMPLOYMENT figures in China, but huge numbers of people are grossly underemployed. They may nominally be on a payroll, but there is no work for them.
The crushing shortage of jobs in China is rarely ever mentioned, and least of all by the Chinese. Yet it may be the greatest obstacle to economic growth and performance. This reluctance to discuss the problem was exemplified recently during a week-long symposium in Beijing on economic and enterprise reform that I took part in. The symposium was organized by the World Bank at the behest of China’s prime minister, Zhao Ziyang. ...
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