China faces struggle to recast steel workers for service sector

With millions poised to lose their jobs as China shuts down scores of underperforming mines and mills, Beijing has pledged to soften the blow, devoting a Rmb100bn ($15.4bn) fund to help “resettle” workers in the thriving service sector, reported the Financial Times. But some feel this plan is overly optimistic. Lack of permanent employment opportunities in the market, and a lack of education and training on the part of the workers, in particular older workers, promise that such transition will not be easy. China has about 1.8m unemployed state workers, but that number could rise dramatically.