‘We can’t find the owner’: Staff forced to take leave as Chinese firms struggle
Overwhelmed by an ongoing real estate crisis, a privately run aluminium producer in China’s southern manufacturing hub of Guangdong has forced staff to take five months of leave on reduced salaries, shining a light on potential unemployment problems for the world’s second-largest economy.
China’s economy disappointed on many fronts in 2023, defying support measures and dampening its prospects, with the weakness putting pressure on employment, which has long been a priority for Beijing to create enough jobs to ensure economic and social stability.