By Nash Jenkins
China will lay off as many as 6 million workers in the coming years in an attempt to improve the efficiency of the country’s slowing economy.
In an exclusive report, Reuters said Tuesday that 5 million to 6 million employees of state-controlled “zombie enterprises” will lose their jobs in the next three years as China attempts to restructure bloated state industries, such as steel and coal.
The initiative will be China’s most ambitious cost-cutting exercise in nearly 20 years, a source told Reuters.
[Reuters]
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- The Revolution of Yulia Navalnaya
- 6 Compliments That Land Every Time
- What's the Deal With the Bitcoin Halving?
- If You're Dating Right Now , You're Brave: Column
- The AI That Could Heal a Divided Internet
- Fallout Is a Brilliant Model for the Future of Video Game Adaptations
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com