Wednesday, August 29, 2007

Death march of the state-owned companies

China, Inc.
Ted C. Fishman

While the rest of the world worries about the power of China’s best factories to kill off jobs, the Chinese themselves must worry about how competition in their own country is spiking unemployment, writes Ted C. Fishman in China, I nc. ( ). For, the scene now belongs, not to government-backed juggernauts, but lean and mean enterprises, ‘planned and financed by investors who want to make money quickly.’ Since 1978, nearly 40,000 state-owned enterprises have been shut down, the author informs. “From 1996 to 2001, 53 million people working in China’s state sector lost their jobs. That is 7 million more people than the total employment rolls of 46 million at the 500 largest corporations in the world.”

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