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Michael Schuman

China Needs Layoffs, Not Just Jobs

Keeping workers on the rolls is preventing much-needed reforms.
Some industrial jobs aren't coming back.

Some industrial jobs aren't coming back.

Source: STR/AFP/Getty Images

Economists, investors and central bankers around the globe breathlessly awaited last Friday’s U.S. jobs numbers, knowing the figures will likely determine when and by how much the Fed decides to raise interest rates. The world’s second-largest economy can only dream of such excitement.

QuickTake China's Economic Data