Help with China homework!!!?

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It's affected China drastically, with around 50+ million jobs expected to go, however these statistics are a bit messed up, since a lot of those unemployed will go back to work on their farms, so it's not fully representative of what's going on. Farming really won't be affected, as China needs to import a lot of food. However, we will see farmers competing more to sell their goods, so that statistic is flawed too. The main affected areas are Real Estate, Manufacturing, and Transport related industries. Real Estate is dying as previously inflated housing prices are falling by around 30% in most cities, and a lot of construction companies have stopped construction. However, sales aren't affected too badly, as there has always been usually greater supply then demand of housing, and it was obvious they would reach a point of too much housing. China also isn't too dependent on credit, at least not individuals. However, companies that use credit are closing since they cannot repay the high interest rates that are being charged. Manufacturing is also falling, because weaker demand means too much supply, and many factories are closing down. The surviving ones have to compete with each other and offer lower prices. Damage to the transport industry is apparent in the airline sector, however instead of lowering prices, Chinese airlines are inflating prices of flights. Official statistics won't be released for a long time, and are likely to be somewhat inaccurate however....Show more

The hardest hit sectors in China are the Manufacturing, Trade and Tourism sectors. Prices for food and commodities are dropping fast and real-estate prices are dropping as well.
That being said, a recession is defined as a country having negative GDP growth for two or more quarters. China still has positive GDP growth meaning it is not in recession. It is in a slow down and will likely not go into recession as it is still way behind in it's economy and there is still a lot to develop.
I don't know that you'd be able to find accurate unemployment numbers for China as info like that tends to be a state secret. The Chinese government websites will likely give you some "official" numbers though....Show more

there isn't such thing...
loss of farming in the country with the greatest world's population sounds like a joke...
China's economy wasn't based on credits so their finances are pretty fine now...
at least better then some other countries......Show more