China is planning to overhaul its “zombie enterprises” by sacking 5-6 million workers over the next two to three years, according to a Reuters report.
Citing sources with “ties to the countries leadership” the report says the move is aimed at bolstering “efforts to curb industrial overcapacity and pollution”.
Coming on the day official and private sector measures of manufacturing and services and purchasing manager intentions suggested China’s economic transition is in trouble this is clearly a sensitive topic.
Reuters said “both sources requested anonymity because they were not authorized to speak to media about the politically sensitive subject for fear of sparking social unrest.”
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