Economics
China’s First City-Level Restructuring Shows Effect of Slowdown
- Hegang City in the northeast stopped hiring last month
- Move reflects deep gap between income, spending, analysts say
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A city in China’s northeast rustbelt became the latest casualty of the economy’s slowing growth, with local media and analysts reporting it recently began a fiscal restructuring.
Hegang City government said recently that it had canceled a plan to recruit staff because it was undergoing a fiscal revamp, according to a statement reported late last month by the Securities Times, which is run by the People’s Daily. That statement has since been deleted, local media said, and it couldn’t be found on the local government’s website Thursday.