On Monday morning, the National People's Congress in Beijing announced the government's decision to scale back economic growth to 7.5% which will be an all time low in the past 22 years. Reasoning behind cutting back growth,"reflects a government attempt to shift the economy more toward personal consumption, with less emphasis on exports and investment in big domestic construction and infrastructure projects." Unfortunately these government incentives will have a dramatic effect on citizens and there ability to find jobs.
Labor shortages have become rampant and most jobs are only paying minimum wage. Citizens are concerned about finding affordable housing. There are several other regulations being implemented, which many citizens fear are happening too fast.
Not only are China's citizens being affected by slowing down economic growth but, "with China having been the world’s main growth engines in recent years, a slowdown is hardly welcome news for the global economy".
It makes me sad that there are so many people who can't find jobs in China with the economic downturn. A 22 year old boy, my age, said he couldn't find a job after graduation that wouldn't pay more than $200 a month and the conditions are horrible. It made me so grateful for the opportunities I have in the United States.
http://www.nytimes.com/2012/03/06/business/global/in-china-sobering-signs-of-a-slower-growth.html?pagewanted=1&ref=world
March 5, 2012
Jenny Christensen
It is nice that we live in the United States with good conditions.
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