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In 2024, China’s economic downturn is creating unprecedented challenges for workers across various industries. From state-owned enterprises to hospitals, kindergartens, and tech companies, layoffs and salary cuts are becoming the norm. Employees are struggling to make ends meet, with wages as low as $322 per month, while rent and living costs continue to rise.
We also examine comments from U.S. President Joe Biden, who believes China’s economy is “on the verge of collapse,” and what this could mean for the global economic landscape.
State-owned enterprises and hospitals are also laying off workers and cutting wages. It is even harder for young people to find jobs.
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