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When his chemical company laid off a third of its team, Liang Wang felt a mix of emotions: relief that he was not among them, but dread that more cutbacks would soon be on the way.
Liang, a corporate culture director based in Dongguan – a manufacturing hub in the southern province of Guangdong – was able to keep his job, but had to take a steep pay cut.
“There just aren’t enough orders for production,” he said. “There’s nothing we can do.”
For years, he thought himself lucky to have landed a stable job in an established company with R&D labs and factories across several provinces. Now in his 40s, Liang said his salary was once sufficient to raise two children and pay a mortgage, but “it’s definitely not enough” at present.
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“The problem is, it’s much harder than two years ago to find another job with similar pay.”
Liang is far from alone.
