China’s industrial sector has lost 5 million jobs in the last year, with 1.8 to 1.9 million of those jobs being lost due to the effects of the trade war with the United States, according to China International Capital Corp (CICC), a leading Chinese investment bank, reported the South China Morning Post.
The total job losses represent 3.4% of total employment in the industrial sector, which includes mining, manufacturing and public utilities, and 0.7% of total national employment, said CICC economists Liang Hong and Yi Huan.
The decline in employment from July 2018 to May 2019 was related to the effects of the trade war and also to domestic structural adjustments and cyclical factors, CICC’s analysis showed.