Tag: Labor and Jobs

Today’s Top News: The End of the ‘Great Resignation,’ and More

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The New York Times Audio app is home to journalism and storytelling, and provides news, depth and serendipity. If you haven’t already, download it here — available to Times news subscribers on iOS — and sign up for our weekly newsletter. The Headlines brings you the biggest stories of the day from the Times journalists who are covering them, all in about 10 minutes. Hosted by Annie Correal, the new morning show features three top stories from reporters across the newsroom and around the world, so you always have a…

As Germany’s Business Model Wobbles, Firms Reassess Reliance on China

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Amid the ruins of a city ravaged by World War II, Karl Haeusgen’s grandfather invented a hydraulic pump he was so proud of that he founded a company to sell it. Back then, there were no revenue projections or five-year growth strategies. The plan was survival: “It was just about grabbing chances,” Mr. Haeusgen said. Seven decades and three generations later the family business, Hawe Hydraulics, ships some 2,500 parts around the globe. Instead of scrambling for sales, though, Mr. Haeusgen must parse the geopolitics of an ever more polarized world. “A third of…

Chinese Workers Confront the Curse of 35

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When Sean Liang turned 30, he started thinking of the Curse of 35 — the widespread belief in China that white-collar workers like him confront unavoidable job insecurity after they hit that age. In the eyes of employers, the Curse goes, they’re more expensive than new graduates and not as willing to work overtime. Mr. Liang, now 38, is a technology support professional turned personal trainer. He has been unemployed for much of the past three years, partly because of the pandemic and China’s sagging economy. But he believes the…

China’s Young People Can’t Find Jobs. Xi Jinping Says to ‘Eat Bitterness.’

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Gloria Li is desperate to find a job. Graduating in June with a master’s degree in graphic design, she started looking last fall, hoping to find an entry-level position that pays about $1,000 a month in a big city in central China. The few offers she has gotten are internships that pay $200 to $300 a month, with no benefits. Over two days in May she messaged more than 200 recruiters and sent her résumé to 32 companies — and lined up exactly two interviews. She said she would take…

Cathay Pacific Struggles With Aftermath of Covid, and China Crackdown

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Few major airlines in the world were hit by the Covid pandemic as hard as Cathay Pacific, the flagship carrier of Hong Kong, or have labored so mightily to recover from it. Its business was decimated by some of the industry’s most expansive flight bans and quarantine requirements. And the pandemic wasn’t the start of Cathay’s troubles. In 2019, when Hong Kong was convulsed by pro-democracy protests, Cathay Pacific was caught in the crossfire with Beijing. Flights were canceled or delayed by airport sit-ins involving thousands of demonstrators, among them…

China’s Youth Unemployment Crisis: 1 in 5 Are Out of Work

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Shu Xiang, 21, started looking for a job in February and still has had no luck. A financial management major at a college in Chengdu, China, Ms. Shu said she has received five responses to about 100 applications. Graduation is in a few weeks. “I’m not so confident about finding a job,” she said. The only thing that makes her feel less anxious, she said, is knowing she’s not alone — most of her classmates were facing similar problems. Ms. Shu is one of nearly 12 million Chinese expected to…

Why China’s Shrinking Population Is a Problem for Everyone

Chin@Strategy

Despite the rollback of China’s one-child policy, and even after more recent incentives urging families to have more children, China’s population is steadily shrinking — a momentous shift that will soon leave India as the world’s most populous nation and have broad rippling effects both domestically and globally. The change puts China on the same course of both aging and shrinking as many of its neighbors in Asia, but its path will have outsize effects not just on the regional economy, but on the world at large as well. Here’s…

India Is Passing China in Population. Can Its Economy Ever Do the Same?

Chin@Strategy

India’s leaders rarely miss a chance to cheer the nation’s many distinctions, from its status as the world’s largest democracy to its new rank as the world’s fifth-largest economy, after recently surpassing Britain, its former colonial overlord. Even its turn this year as host of the Group of 20 summit is being celebrated as announcing India’s arrival on the global stage. Now, another milestone is approaching, though with no fanfare from Indian officials. The country will soon pass China in population, knocking it from its perch for the first time…

Will This Be the ‘Indian Century’? Four Key Questions

Chin@Strategy

Total population 2023 1.4 billion people Total population 2023 1.4 billion people Source: U.N. World Population Prospects, estimated populations at midyear. It is a turning point the world has not seen in centuries, and is unlikely to see again for centuries more. India is on the cusp of passing China in population, according to the latest U.N. estimates. At 1.428 billion people, India has already edged past mainland China, the data show, and it will soon surpass the mainland and Hong Kong combined. With China’s population declining, the margin between…

What is in the CHIPS Act, Aimed at Childcare Expansion and National Security

Chin@Strategy

The Biden administration unveiled new rules Tuesday for its “Chips for America” program to build up semiconductor research and manufacturing in the United States, beginning a new rush toward federal funding in the sector. The Commerce Department has $50 billion to hand out in the form of direct funding, federal loans and loan guarantees. It represents one of the largest federal investments in a single industry in decades and highlights deepening concern in Washington about America’s dependence on foreign chips. Given the huge cost of building highly advanced semiconductor facilities,…