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China workers see biggest drop in hiring salaries on record

IndiaTimes Thursday, 4 January 2024
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.
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