Economic Crisis In Beijing Affects Workers and Entrepreneurs
China had been experiencing slow economy for the past months, which was said to be due to the Communist Party directing the nation to low yet steady growth - the 'new normal', according to an article posted on US News on Tuesday.
Premier Li Keqiang announced that the growth target of the country this year would be 7%, lower than last year's goal of 7.5% that the country failed to meet.
"The downward pressure on China's economy is intensifying," according to Li in a report by Reuters on March 5. "Deep-seated problems in the country's economic development are becoming more obvious. The difficulties we are facing this year could be bigger than last year."
He went on, "In order to defuse problems and risks, avoid falling into the 'middle income trap', and achieve modernization, China must rely on development, and development requires an appropriate growth rate."
"At the same time, China's economic development has entered a 'new normal'."
Although officials claimed that China's economy is stable, workers around the country are affected, forcing them to leave their city for greener pastures.
Workers like Liu Weiqin prefer to leave Beijing to look for job opportunities outside her hometown.
"There's no business," Liu told The Guardian on Thursday. "My husband will stick around a bit longer to see if there is any more work to be found. I'm taking the kids."
She also described the monthly minimum wage in Beijing (1,720 yuan) as the "worst."
"It's the worst we've seen it. It's even worse than 2008," Liu said.
She went on, "When things were good we could earn 10,000 yuan [£1,000] a month. But I've lost around 200,000 yuan since last year."
"It's natural. We came here for work. We lost 200,000 yuan. We can't afford to live here anymore," she said.
Qian Linshan, an entrepreneur, also said that he was planning to leave Beijing, as his business was also affected by the economic crisis.
"I doubt I'll stay much longer," Qian said.
These concerns were noted by Beijing-run Global Times on its Thursday editorial: "If the Chinese economy crumbles and people are on the edge of starvation, no regime can sustain its rule."
"But will periodic economic slowdowns and difficulties in adjustment hurt the legality of China's political system? That's a delusion."
