With labour troubles increasing and the continuous economic strain suffered by China, fears of a crashing economy had caused political and civil unrest.
The world has eyed China’s stock market after a week of pummelling with sell-offs from all sides. Investors show their frustration with Beijing with the latter having no clear plans to avert the upcoming economic disaster. China’s “Black Monday” had seen zero airings from official newspapers and media networks this week.
According to China’s Xinhua Official News Agency, the economy still remains rosy and Beijing has the will and means to avert a financial crisis.” However, actual evidence exists in places such as the migrant community of Nanqija with recyclers mentioning they’ve lost more than the equivalent of £10,000 in just a year.
Chinese Entrepreneurs have also voiced their fears of remaining businesses.
However, China is not heading for a complete economic apocalypse, but it will go through an eye of a needle in the upcoming years.
According to Peking University Economist Christopher Balding, China’s increase in labour disputes is due to the lack of opportunities yet a high cost of living exists. Heavy industry cities are now in technical recession with lacking demand.