China's Unemployment Nightmares
Forgot to do a shout out for our piece on what keeps China's leaders awake at night, here. If this story is any indication, the police ae alrady gearing up for further unrest. One thing I didn't get into was graduate unemployment, an issue that has been out there for some time. With graduates pouring out of the many new universities set up in recent years--and many of them first time graduates for whom their families have saved their last pennies and on whom they have pinned their greatest hopes--and finding no jobs, the level of disappointment is high--and rising. Historically, this is bad news. If you have a foot on your neck it's hard to get up. But it's people who are already up and ready to run who get knocked down --those with raised expectations that have been disappointed-- who cause revolutions.
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China's economy will slow as it is part of the global trade mainly in export of products. It is inevitable. China is producing far more university students than the economy could absorb. Again, the families who have pinched pennies in order to provide their children the education as their only means to financial success and ultimate escape from poverty will be worse off in the decade to come. Their fate would not change until the West turns its economy around. Perhaps Beijing should concentrate on educating the mass to a certain level instead of producing too many graduates with no where to go. What is the impact of their frustration is anybody's guess.
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Chinese don't have any problem falling asleep at all, as long as they are sure that the CCP will rule China forever. No financial problems, economic problems, poison in food etc. will bother them at all as long as they will stay in power. That's why there is no such thing as "bad news" for China. Everything is good. Everything is looking up. As long as CCP is in charge, all news are good news to the CCP.
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Bad news: China will draft a human rights plan. Since China has the best human rights on earth already, any such plan is just waste of time.
http://news.xinhuanet.com/politics/2008-11/04/content_10304446.htmThe interesting part of this is that the Foreign Ministry, and the news office of the State Council will head up the drafting. Doesn't that spell out the focus of this document ?
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Oh no, people are unemployed? In a developing country? During an economic crisis?
Do you always have to appeal to the lowest common denominator here, Mr. Elegant?
It's not going to cause a revolution, by the way. Leave those predictions to the experts, please.
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