China to lay off 1.8 million workers in its Coal and Steel Industry

China to lay off 1.8 million workers in its Coal and Steel Industry


Welcome to illuminati silver, we tell you
the truth about silver. Today is Monday 29th February 2016 and we
are briefly commenting on a Reuters Report out today highlighting that China plans to
lay off 1.8 million workers in its Coal and Steel Industry.
Yin Weimin, the Minister for Human Resources and Social Security, told a news conference
that 1.3 million workers in the coal sector could lose their jobs, plus 500,000 from the
steel sector. China’s coal and steel sectors employ about 12 million workers, according
to data published by the National Bureau of Statistics. These 1.8 million jobs represent
approximately 15% of the workforce and it’s aimed to reduce industrial over-capacity.
The central government will allocate 100 billion yuan ($15.27 billion) over the next two years
to relocate these workers. The world’s second-largest economy grew 6.9%
in 2015, the weakest in 25 years, and the government aims to achieve economic growth
of between 6.5- 6.7% in 2016. In 2015, the contribution from the services
sector to GDP climbed to 50.5% surpassing the 50% level for the first time, and showing
China’s intent to move to a more services based economy.
As we stated in previous videos, the economic down-turn is real, and China should be watched
closely. This is yet another indication that all is not well with the Chinese economy,
and if, as many believe, the Government figures are, let’s just say ‘not as accurate as
they could be’, its position is far worse than suggested. If this malaise permeates
other sectors it could very well suggest that the Industrial demand for silver may not look
too bright in the short term. We hope you have found this video interesting
and informative and if so, please give it a thumb up and share it on twitter. Also kindly
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daily at www.facebook.com/illuminatisilver Disclaimer: Illuminati Silver owners come from a background
of Banking, International Wealth Management and Economics. Having now retired from these
worlds we are not qualified to give investment advice. Therefore, this and other productions
must not be deemed to be giving such advice and merely represent the personal views of
its owners.

15 Comments

  1. China is peddling fiction. I think the CCP meant a 6% decline, not growth coz all we hear is layoffs, bankruptcies, and a collapsing real estate market.

  2. Have you noticed how premiums have creeped up on certain in demand coins? Thanks I.S. as the reports of china way back a year or two 60 minutes did a tour of endless empty cities in china where the spec real estate market was crashing…….all those empty cities for miles.We could not believe our eyes !

  3. "Industrial demand for silver might not look too bright in the near future…"….Ok so heres the million dollar question. If demand for silver is dropping due to industrial demand declining…..then why does the gold price keep going up? Gold has even less industrial demand than silver! If we are looking at both in terms of monetary value then they should both move up in price equally at best….since the industrial demand for gold is FAR LESS than the industrial demand of silver. Even if the industrial demand for both gold and silver was the exact same….it would not explain why the silver price goes down and the gold price continues to go up.

  4. 8.3 10 oz bars = 1 oz of gold. Is there a correlation with global growth and the ratio? Just looking at some long term charts it seems when things slow or stagnant globally the ratio explodes. i.e , 1991, 2008, 2016

  5. Janet Yellen at the head of the fed is like having Stevie Wonder as lead instructor at the Ray Charles Driving Academy. LOL. If she can't see the recession that's right in front of her, she's hopeless.

  6. This one action by China speaks not only to Chinese economy and it's 2015 official growth figures but also to slipping global demand. I believe that are many more shoes to drop because in the long term the true condition of many national economies can not be hidden forever.

  7. Yes , , , ,It is understandable that world wide Industrial demand would be less in a downward economy .
    however would not the price be off set by global currency destabilization , supposed short supply, reset, and or the possible return to precious metal backed monetary system ??
    Thank you very much for your intriguing perspectives, , , , ,i do look forward to your analysis as we all go down this terrible upcoming crisis ! !

    Regards :
    Armand

  8. welcome into the meat grinder .China's collapse ,the US collapse ,& the EU collapse welcome into the meat grinder All those useless eaters ,& unemployed young people will be sent into the meat grinder I could see ww3 coming to a town near you.
    manufactured war .

  9. IL Reuters put out report China to lose 8 million state jobs, two source who do not want to be named etc. Then a few minutes later the report changes to China Feb factory activity shrinks more than expected!!!.

  10. How many empty cities do they have?  No worries though, with the birth policy now doubled they can fill them in about 100 years.

  11. In CCP Two Session, CCP management to move the millions worker out of the over-saluted steel industry. 5million new job being created.

  12. What will happen when China announce how much gold they have, and also announce they have a gold backed currency. Hmmmmmm??? Some crean and sugar please!!

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