cheap and cooked data again, many important factories are fleeing CN to VN to avoid 25% tariff, energy crisis such as assembling factories for Sensor-shift OIS stabilizes sensors on the camera for Iphone.
CN unemployment rate should be around 25 to 30% now when most of employee will be fired after 35.
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35 may be too old to find work in China
An increasingly large number of job applications are asking employees over the age of 35 to not apply, putting a lot of pressure on workers who are not even middle-aged.
Is 35 suddenly becoming “over the hill” in China? It certainly feels that way to some workers.
As the competition for jobs becomes more fierce among a pandemic-related economic slowdown, a growing number of employment ads are posting age limits of 35 for fresh applicants.
The problem is so widespread that state media has even branded it the “age 35 phenomenon.”
The coronavirus pandemic has increased competition for jobs in China, making it harder for people over the age of 35 to find work. Photo: Xinhua/Wang Xiao
In his forties, David Huang is one of the scores of Chinese workers above 35 feeling increasingly vulnerable.
After the small clothing factory he owned in the southern province of Guangdong closed last year, he now roams between wet markets and roadside stalls, trying to sell his remaining inventory of about 10,000 garments.
“I’m almost 50. Am I going to look for jobs? No. There’s nothing for me out there. Finding jobs is too difficult,” Huang said. “Just look at how bad business is in those clothing retail shops in Guangzhou, you will get an idea how bad wholesaling and manufacturing garments is at the moment.”
The situation only appears to have deteriorated with the pandemic.
According to a report released last month by the Development Research Center of the State Council, nearly two-thirds of people aged 35 and above who were laid off in March last year were still looking for jobs in September.
Consequently, nearly half of the job applicants above 35 fell from middle or high-income groups to low income because their earnings had dropped, according to the study.
There is a perception that people in China over the age of 35 cannot handle the ‘996’ work culture. Photo: Todd Warnock
Age discrimination is illegal in many countries, but not in China, which is facing a rapidly aging population and shrinking workforce after more than three decades of the one-child policy.
Despite this, many companies are seen as favoring young and energetic graduates over middle-aged workers because they can pay lower salaries for similar work.
The trend is most evident in China’s thriving tech sector, where a number of internet firms operate a sweatshop working culture known as “996” – working between 9am to 9pm, six days per week. Most developers over 35 are considered too old to handle the workload.
Tang Ying, 36, has found herself in the grips of insomnia and depression lately while grappling with the possibility of losing her job as a front desk administrative employee at a small tech firm in Guangzhou.
The past year has been a nightmare for Tang: her marriage fell apart and she contracted tuberculosis, an infectious disease affecting the lungs.
When she went back to her job after recovering, the company gave her more work than usual, something she perceived to mean they wanted her to quit.
Yet, she has stayed on, concerned her lack of a university degree will mean she would be unable to find work elsewhere.
“I’m scared. I don’t have confidence in sending out resumes,” said Tang, who worked at a call center as a customer service operator previously. “Many places only want people under 35. I have been battling with this thought a lot. All I think of is trying to hold on to this job.”
Another obstacle for ex-employees of big companies like Huawei is that they have trouble meeting the multiple demands made by smaller firms, said Jim Yang, a 38-year-old who lost his job as a salesman at Huawei three years ago.
It took Yang three months to find a new job at a small robot manufacturer, where he had to take a lower salary.
Meanwhile, some of his old colleagues have gone back to Huawei as contractors on lower incomes and social benefits after struggling to find a job elsewhere.
“Among my friends above 35 who left Huawei, about 40% have kept a decent life,” Yang said.
“The other 60% are a bit miserable. They have either been out of work for a long time and invested in stocks or are partnering with others to start a business, but don’t take salaries, only for dividends. Some have divorced with no job, sold their homes, and returned to their hometowns.”
35 may be too old to find work in China
An increasingly large number of job applications are asking employees over the age of 35 to not apply, putting a lot of pressure on workers who are not even middle-aged.www.inkstonenews.com
www.forbes.com
Its not " Quality Growth", its bcs CN is not the World factory any more after US slap 25% tariff plus high labor cost, so no need to waste too much money to keep operating too many power plants (40% CN thermal power plants are at loss to due high coal price and high labor cost now)
Its not surging order, its bcs CN's import did not increase due to too many CNese suddenly went bankrupted and don't have money to buy luxury goods (perfumes, bags, shoes etc ) from EU-US, so containers shipping from CN to EU-US can't not ship back to CN.
He's been claiming it for many year, and his wild claims fail every year, I highly doubt he will stop it after 2023, it's his lifetime career.Let's watch the coming year bro.... CN 2023
Goldman Flags $8.2 Trillion Threat Worse Than China Evergrande
Goldman Sachs says the total debt of local government financing vehicles rose to $8.2 at the end of 2020.
First , China is the world biggest trading nation and the biggest trading partner of almost every country, China doesn't only trade with US. Second, after so called trade war between China and US, let's check out how trade goes on between the two countries.
www.thestandard.com.hk
Thats lie, why don't they keep buying Sensor-shift OIS stabilizes sensors on the camera for Iphone 13 from CN but waiting till VN can assemble them ??US importers absorb more than 90pc of additional costs from tariffs, Moody's says
Finance | 18 May 2021 2:28 pm
American businesses are bearing most of the cost burden from the elevated tariffs imposed at the height of the U.S.-China trade war, said Moody’s Investors Service, CNBC reports.
The ratings agency said in a Monday report that U.S. importers absorbed more than 90 percent of additional costs resulting from the 20 percent U.S. tariff on Chinese goods.
That means U.S. importers pay around 18.5 percent more in price for a Chinese product subject to that 20 percent tariff rate, while Chinese exporters receive 1.5 percent less for the same product, according to the report.
“A majority of the cost of tariffs have been passed on to US importers,” Moody’s said in the report.
“If the tariffs remain in place, pressure on US retailers will likely rise, leading to a greater pass-through to consumer prices,” the agency added.
Higher trade tariffs came into force during former U.S. President Donald Trump’s term. Most of those tariffs have remained in place and affect over half of all trade flows between the U.S. and China, said Moody’s.
U.S. tariffs on Chinese goods stood at an average of 19.3 percent on a trade-weighted basis in early 2021, while Chinese tariffs on American products were about 20.7 percent, according to data compiled by think tank Peterson Institute for International Economics.
Before the U.S.-China trade war in early 2018, U.S. tariffs on Chinese goods were on average 3.1 percent while China’s tariffs on American goods were at 8 percent, the data showed.
U.S. importers are not the only one bearing the brunt of the elevated tariffs.
Moody’s said in the report that U.S. exporters also absorbed most of the costs from tariffs imposed by China. That’s partly because the U.S. exports targeted by those retaliatory tariffs are products that may be sourced from other places, such as agricultural goods.
Economists and businesses had argued that Trump’s tariffs on China harm the U.S. economy, while failing to force China to reverse its unfair trade practices.
President Joe Biden previously said he disagreed with Trump’s approach to China, but is not in a hurry to reverse his predecessor’s policies. His administration had suggested that it’s open to using tariffs to fight China’s unfair trade practices.
Some observers said the tariffs could give the U.S. leverage over China.
US importers absorb more than 90pc of additional costs from tariffs, Moody's says
American businesses are bearing most of the cost burden from the elevated tariffs imposed at the height of the U.S.-China trade war, said Moody’s Investors Service, CNBC reports.The ratings agen...
I don't know about it, mighty Vietnam is the best, no doubt about it.
U don't know, but u keep bragging as if the buyers keep buying everything from CN despite 25% tariff
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US says 95% of the additional tariffs were aborbbed by US retailors and China US trade hit record high in the first half of 2021, take a guess, will I believe you or them?U don't know, but u keep bragging as if the buyers keep buying everything from CN despite 25% tariff
CN used to produce, assemble everything (except 5mn chips) for Iphone, but thing changed after 25% tariff. The buyers would rather wait till VN can ram up the output of Sensor-shift OIS stabilizes sensors on the camera for Iphone 13 than buyign from CN , Even when Iphone is not suffered from 25% tariff yet.
CN is no longer the world factory where everyone bought everthing from CN.
If it true, then it only happen in short term due to Covid making everyone having no choice but buying PPE, ventilator, machineries etc from CN bcs EU-US-VN-India factories remain closed.
Vietnam is the best!! hopefully in a decade Vietnamese GDP can overtake Beijing city's.
We havent overtake Lybia's GDP yet..and we all knew what happen to Lybia leader in uprising when he use foreign workers to reduce the labor cost instead of local workers like CN using Myanmar workers now
