IN OTHER WORDS:Small is big
The international financial tsunami, set off by the US sub-prime crisis, has not only led to a drastic cut in the consumer demand of the world’s largest economy, but has also had a negative impact on China’s manufacturing industry. According to statistics from the China Import & Export Fair, the total number of orders reached at the latest autumn fair showed a 10 percent fall in the growth rate from last year. It is reported that the number of labour disputes and complaints has been on the rise in recent months under the ever-harsher employment situations.
The Chinese government, enterprises and employees should make a concerted effort to tackle the ongoing seismic global economic crisis. What they should do is maintain a stable employment environment. Employees who are at the most disadvantageous position should lower their expectations of income rise in order to keep their rice bowls.
One of the important measures can be to prevent the collapse of some struggling small and medium-sized enterprises and ensure the newly established enterprises outnumber the ones going bankrupt. It is known that in China, SMEs have served as one of the main channels for people’s employment. A brake on the advancement of the minimum wage program is favourable for their survival and development.