ANI
05 Feb 2023, 22:37 GMT+10
Beijing [China], February 5 (ANI): China lifted the 'Zero Covid' policy hoping it would give their citizens relief but it didn't go well with migrant workers as they have to search for new jobs after being affected by the stringent regulations, Voice Against Autocracy reported.
The Zero-Covid policy hampered China's economy and affected the migrant workers, who were dependent on the day's salary. In the week during the Lantern Festival, workers were often seen returning to their homes, leaving factories short on labor, the report stated, adding that following the 'golden week', laborers resume their work but this time, they returned early only to search for a job.
Covid has made things different this year with workers returning in search of finding a job sooner than expected and still unable to procure a stable income, reported Voice Against Autocracy.
Following the Foxconn disaster last year, which was attributed to the alleged unfair treatment of labourers, confusion over wages and bonuses, unpaid Covid-19 quarantine protocols, and filthy living conditions, the situation of migrant workers has only worsened.
The situation in almost all areas in China, including Shenzhen, Qiannan, and Guangzhou is the same with them being manufacturing giants in providing jobs to millions of migrant workers, the report added.
Further, according to Voice against Autocracy, if the given situation prevails for a longer period of time, it is highly likely that China's title of being the 'world's manufacturing hub' might be snatched and bigger countries like the US and Europe might turn their eyes towards other options such as Vietnam and India.
Meanwhile, in Global Strat View, Hong Kong-based economist Zhiwei Zhang highlighted the negative impact of Covid infections and the Xi Jinping government's dependence on demographics in China's economy.
"Going forward, demographics will be a headwind. Economic growth will have to depend more on productivity growth, which is driven by government policies," he said.
In 2022, China's GDP grew by just 3 per cent, the worst since the Mao era. Similar economic situations were witnessed during Great Leap Forward and Cultural Revolution, reported Global Strat View.
Instead, it is set to be under the weather for a long time, thanks to the severe blows expected as fallouts of the uncontrollable Covid-infections and the demographic crisis.
At the same time, it has been struck with a new problem a lower workforce due to a declining population. These factors will likely seriously impact all major sectors of China's economy, such as manufacturing, agriculture, and services, reported Global Strat View.
The 'Zero Covid' policy was revoked abruptly a few weeks ago, leading to confusion and disturbance in society, reported Global Strat View, adding that this caused Covid cases to go up, making people sick, thus naturally slowing down business activities.
Renaud Anjoran, CFO of Hong Kong-based supply chain management firm Sofeast Limited, said output was slow as over 40 per cent of the workforce, including top officials, was down with Covid.
"The situation is so volatile. China's production is going to be impacted for some time to come," he said. (ANI)
Get a daily dose of Business Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Business Sun.
More InformationNEW YORK, New York - Wall Street continued its advance on Tuesday as investors continued to weigh up the health ...
FRANKFURT, Germany: The German Automobilwoche magazine has reported that as part of its efforts to switch to selling electric vehicles ...
NEW YORK, New York - U.S. stocks rallied on Monday following the weekend buy-in of Credit Suisse by UBS, which ...
WASHINGTON D.C.: The US Federal Reserve Bank has announced that cash-strapped banks throughout the US borrowed some $300 billion during ...
ZURICH, Switzerland - Depositors will be fully protected, shareholders will have their equity dwarfed, while bond holders will be largely ...
WASHINGTON D.C.: According to a report from the US Commerce Department, in February, US retail sales fell moderately, likely the ...
TAIPEI, Taiwan: The founder of chip manufacturer TSMC, Morris Chang, said that he supports the efforts of the US to ...
SEOUL, South Korea: In line with the country's efforts to boost its chip industry, South Korea's Samsung Electronics said it ...
New York [US], March 22 (ANI): Google is opening up access to Bard, its new AI chatbot tool that directly ...
Los Angeles [US], March 21 (ANI): On Tuesday, Mark Zuckerberg announced two new updates for WhatsApp groups. With the new ...
New Delhi [India], March 21 (ANI/Bloomingdale): Latest Kaspersky research reveals cybercriminals posted more than 1 million messages mentioning escrow services ...
paris - Astronomers on Monday warned that the light pollution created by the soaring number of satellites orbiting Earth poses ...