I finally had a up close and personal taste of the global financial crisis. Though most Chinese claim that China will not be affected, the prediction is all so wrong in my opinion. Already Shanghai, especially those foreign investors are reeling in by the crunch in cash flow or credit. Even though with the stimulus package by the local govn, I doubt it will help much. Already many factories have folded up (the recent being Ssangyong Car) and more will close their doors if the situation do not improve.
Although China may not be badly affected like the rest of the European counterparts but honestly, the people here are affected. Many have lost their jobs and with millions (6, I heard) of fresh graduates entrance to the job market yearly, how are we not be affected?
(I say we, because I consider myself the new Shanghaiese. 新上海人)
Back to my own personal experience. My company has lost the job prospects as our clients are now trimming down cost. Our situation is worsen by the late payment of our fee by some hardball company who just delay and delay payment. One of our korean client owe us 1 million dollars in RMB. Grrh...... So come down to this December, we are hit by no cashflow.
On Friday, (I was outstationed in Suzhou). My Shanghai office staff were told that they were let go. This include one admin manager, PA to China Manager, Engineering Director, Senior Project Manager and his team. Those who are called "overheads" (meaning no projects) are being sacrificed. Well, I wasn't really surprised by this move because these people are really doing nothing in office except surfing net! I guess this re-organisation and spring cleaning could be good for the office.
Those remain however will need to have a paycut. Especially those high earners.
I am not sure whether I fall into this category, but thankfully I have a project running thus spared from the axe.
Bad news however is that my company still owe me my allowance due this 5 January.. Sigh... When am I getting it?
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