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70 mn jobs will be affected by RMB appreciation – Govt
28 Apr '10
1 min read
An official from the Chinese Ministry of Industry and Information, Zhu Hong Ren recently said in Hong Kong that, upward fluctuation of the RMB exchange rate will affect China's export industry, which could lead to more than 70 million people losing employment in light industry, textiles, clothing, electronics and machinery sector.
Zhu Hong Ren said, operating conditions of China's industrial enterprises improved in the first quarter, but they are still working under external pressures. Prices of raw materials are on the rise and labor costs in a few regions in the coastal areas have increased by 20 –25 percent in general, which add pressure on business costs.
Zhu Hong Ren said, the Ministry will not conduct a "stress test" of the Renminbi appreciation among some labor-intensive industries, but the Ministry may conduct analysis on the impact of exchange rate fluctuations among labor-intensive industries, to understand the impact of the Renminbi appreciation.
Zhu Hong Ren said, operating conditions of China's industrial enterprises improved in the first quarter, but they are still working under external pressures. Prices of raw materials are on the rise and labor costs in a few regions in the coastal areas have increased by 20 –25 percent in general, which add pressure on business costs.
Zhu Hong Ren said, the Ministry will not conduct a "stress test" of the Renminbi appreciation among some labor-intensive industries, but the Ministry may conduct analysis on the impact of exchange rate fluctuations among labor-intensive industries, to understand the impact of the Renminbi appreciation.
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