Ernst & Young Cuts Beijing Jobs
After months of industrial closures across China, job cuts are now occurring in the main urban centres. Ernst & Young has laid off more than 50 auditors at its Beijing office, state media reports. The job losses are blamed on “a sharp fall in initial public offerings.” According to market researcher Zero2IPO Group, the number of IPOs in China fell by more than 70 per cent, to just 28, in the third quarter, with the total capital raised down more than 80 per cent year on year.
Think Tank Releases 2009 Growth Forecast
The debate about China’s projected 2009 economic growth continues.
Though the government seems to have set its sights on an eight per cent
target, an annual paper released by the Chinese Academy of Social
Sciences, has raised the ante. The report claims nine per cent growth
is achievable in 2009, as long as China “unveils timely and suitable
macro-economic control measures to boost domestic demand.”
Related story:
HSBC Cuts 450 Staff in HK
http://www.bizchina-update.com/content/view/1610/2/
Last update : 04-12-2008
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