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Jobs at risk as China’s services sector feels heat of trade war

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Annual profits at China’s Ningbo S-Power International Logistics Co are down a sharp 40% year-on-year.

The firm’s woes highlight a bigger problem for the world’s second-largest economy and its stability-obsessed leaders – the intensifying pressure on employment as a structural slowdown in the once-booming services sector is exacerbated by the protracted Sino-U.S. trade war.

The simultaneous downturn in the services and manufacturing industries poses a daunting challenge for authorities seeking to keep a lid on unemployment and prevent social unrest as economic growth slumps to near three-decade lows.

 

Via Reuters

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