China’s finance and real estate sectors have experienced substantial workforce reductions in the past five years. The financial industry saw a 32% decrease to 12.4 million employees, while real estate developers’ workforce fell 27% to 2.7 million by the end of 2023, according to recent census data.
Recent data from China’s economic census, released on December 26, indicates a significant decline in workforce numbers within the finance and real estate sectors over the last five years. By the close of 2023, the financial industry employed approximately 12.4 million individuals, representing a 32% reduction from 2018. Similarly, employment within real estate development saw a decrease of 27%, bringing the workforce down to 2.7 million people.
The contraction in workforce numbers in China’s finance and property sectors highlights broader economic challenges and shifts within the country. The decline in employment may reflect factors such as stricter regulations, market corrections, and changing investment dynamics. Understanding these trends is crucial for comprehending the overall health of China’s economy and the implications for future growth.
In conclusion, the research underscores a dramatic shrinking of workforces in China’s financial and real estate industries between 2018 and 2023. The reported figures—32% decline in finance and 27% in real estate—indicate significant economic shifts that may influence future employment and regulatory landscapes in these sectors.
Original Source: www.voanews.com
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