China workers see biggest drop in hiring salaries on record

Wages for Chinese workers in major cities declined by the most on record, reflecting deflationary pressures and sluggish consumer confidence. Salaries offered by companies fell 1.3% to 10,420 yuan ($1,458) in Q4 2023, the worst drop since 2016. Beijing saw a 2.7% decrease in wages, while Guangzhou experienced a 4.5% decline. The data highlights deflation risks that could impact China’s growth outlook and property market. Salary cuts have been widespread, particularly in new-economy sectors like electric vehicles. The jobless rate remains high, with young people struggling to find work.

Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News