Despite the efforts made by Beijing in which they focused on the negative impacts of tariffs on US, the country is having pressure on the job market of China. The signs are indicating that it is because of the tensions of trade war.
The main economic body for planning of the country has reported that some of the local firms of the country are cutting back from hiring any fresh graduates from new universities. According to a spokesperson of NDRC (National Development and Reform Commission), all of this is causing due to the trade friction between US and China from a long time and this is now resulting into short demand for requirement of finance, internet and a few more other industries. It is also reported at one of the leading news platforms that a lot of companies have postponed the recruitment procedures and some have also suspended a few recruitments.
China and U.S. are the world’s largest economies and it has been more than a year since they are in this trade war. Both the countries have been thrashing each other by imposing tariff of billions of dollars on the imported goods.
The tariffs and other uncertainties are surely creating pressure on the China’s economy and thus they have started experiencing growth at slower rate after having good phase of rapid growth. In March, at National People’s Congress ceremonial meeting, Premier Li Keqiang said that the country should get prepared for the tough struggle phase and the topmost priority will be employment by creating 11 million jobs.
The expert economists from IMP and other greater organizations of US and Europe have said that the burden of these tariffs is being suffered by American firms.
According to Institute of International Trade’ Director, Liang Ming have said that in the first quarter, imported goods from US to China have fell by 31.8% to $28.5 billion while goods imported in US fell by 13.9% to $106billion.
Alberto Strayer is World Industry Insights editor-in-chief. He is responsible for all business related editorial products. Alberto years ago, he joined World Industry Insight as a senior staff writer. Alberto spent the initial decade of his career with the publication covering business. Due to his efficiency and eye for detail, Alberto achieved the best performer of the year for consecutive 2 years. Alberto earned a Bachelor’s Degree in magazine production and editing. He loves to travel and explore the world in his free time.