As we all know that Euro zone crisis has affected the whole world..No economy is untouched with this crisis. When we talk about the china, which is the world’s second largest economy after USA and it’s GDP growth was highest, also suffered from it. As China’s manufacturing sector shrank for eight straight month. It’s export is also goes down. Many of the banks and companies are planning for the job cut. It is expected that if the economy’s GDP will dips down below 7% then a huge job cut will be seen.As the Investment banks and brokerages across Asia have launched a sweeping round of job cuts as Europe’s debt crisis and China’s economic slowdown bite into the region’s financial activity. CLSA , Deutsche Bank, Goldman Sachs, and UBS were among the banks and brokerages that cut jobs
We know China for it’s manufacturing industries through which it gives jobs to both educated and uneducated people.But as the manufacturing goes down so the job cut is usual.Demand for long term loan is also shrinking. However analysts say the central bank may have to ease policy further by cutting Reserve Requirement Ratios(RRR) or interest rates again to stabilize the economy.