the financial crisis started on september 15, 2008.
the financial crisis started on september 15, 2008.
when did the financial crisis start in 2008?
september 15, 2008
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since october 2008, migrant workers have been returning home as the result of financial crisis of 2007–2008 restrained consumer demand in developed countries and export orders for chinese goods dried up. the financial crisis can be defined as prices fell sharply, businesses and consumers were unable to repay their debts and financial institutions ran short of liquidity. “other situations that can be defined as financial crisis include the bursting of speculative financial bubbles, stock market crashes, sovereign debt defaults, or currency crisis". these extraordinary groups known as the “rural migrant labor” is china's “special forces” and its comparative advantages as the “workshop of the world”. migrant workers are not only the hard core of chinese manufacturing but also the foundation of global supply chains. this means the pace of the global economy is tightly integration with china's migrant workers. indeed, even before the global economic crisis, china's large number of migrant workers were already socially and legally marginalized. so, the recession has result in a variety of migrant unemployed in many parts of the world. the size of the migrant workers in china makes the enormous scale of poverty created by the recession shocking. according to the research, at the beginning of 2009, the number of unemployed immigrants exceeded 20 million, accounting for about 40% of the total population who lost their jobs. there is no doubt that global economic crisis has a crucial impact on unemployed. this mass unemployment experienced by the social group makes it the biggest victim of the global financial crisis. in addition, in the following months after august 2008, china's orders by exports were declined sharply and especially in coast cities. most of the pearl river delta business closed and got into a property problem. this would result in fresh college graduates cannot search for suitable jobs and decrease the participation rates in the labor force market. there is no denying the fact that global financial crisis and economic recession have affected rural areas. the migrant workers are far worse off than any other social group in china and the unemployment rate is at an all-time high at the start of 2009. however, the government has been providing assistance to the unemployed and responsible for stabilizing the unemployment situation of urban registered permanent residence population to increase employment opportunities.
unemployment in china