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Can We Quit Worrying about Investment in China, or Not?
Over the last year investors fretted about China, its economy and it currency. It certainly makes sense in an interconnected global economy to keep track of how the major players are doing. Meanwhile in the USA Donald Trump and Bernie Sanders are riding a wave of popular anger against the “establishment.” In that regard it is useful to note that the USA is not the only country where many people are upset about how the government runs things. As its economy slows China is seeing increasing labor protests. So, can we quit worrying about China, or not? The New York Times reports as labor protests multiply in China.
As China’s economy slows after more than two decades of breakneck growth, strikes and labor protests have erupted across the country. Factories, mines and other businesses are withholding wages and benefits, laying off staff or shutting down altogether. Worried about their prospects in a gloomy job market, workers are fighting back with unusual ferocity.
Last week, hundreds if not thousands of angry employees of the state-owned Longmay Mining Group, the biggest coal company in northeastern China, staged one of the most politically daring protests over unpaid salaries yet, denouncing the provincial governor as he and other senior leaders gathered for an annual meeting in Beijing.
China Labor Bulletin, a labor rights group based in Hong Kong, recorded more than 2,700 strikes and protests last year, more than double the number in 2014. The strife appears to have intensified in recent months, with more than 500 protests in January alone.
This presents a dilemma for the Communist government which has embraced its so-called managed capitalism while still portraying itself as a guardian of workers’ rights. The Communist Party in China maintains control with a carrot and stick approach. As its economy slows the carrot is shrinking. If the government uses the stick to an extreme to maintain order and control its claim to legitimacy diminishes. The long term concern regarding China is its social and political stability as the country adjusts to slower growth and a consumer driven economy.
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china-or-not
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