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Susan Wu is a Chinese technical writer living and working in Shanghai. She keeps a very informative blog that I follow with great interest.
Here is what Susan has written lately about the “real situation” in China:
“With the recent economic crisis and financial meltdown, the impact is worldwide, not just in the U.S. From what I’ve been hearing all around, many companies in China are laying off workers, cutting back on salaries, not giving out bonuses this year, and/or not hiring. People who are out of work are having a difficult time finding a job. Many fear losing their job. Thousands of recent college graduates compete for a very limited number of jobs. Even graduate students are fighting for jobs like selling pork.
On the other hand, Wangjianshuo observes that what you hear is different from what you see. I also agree with him. When you go out, there are people everywhere. Restaurants are always packed and often times, you have to wait a long time to get a table. Shopping malls are also busy with many shoppers carrying bags of goods they just purchased. It’s still hard to find an empty taxi in downtown Shanghai.
I don’t really understand what is really happening either because news and media keep saying how bad the economic situation is in China and that we haven’t seen the worst yet. I can’t really tell judging from the way people are still spending. Unlike in the U.S. where people are cutting back, I see that people in Shanghai continue to spend like before. “
Perhaps the “sub-prime” and “Madoff” waves have not yet hit China in full force? WHo knows. I’ll keep reading Susan’s keen observations.