Beijing, Sept. 23 (UPI) — China is set to cut the number of people it will employ for intermediary trade, but it will not be enough for the “real world impact” that is required to support an economy.
The state-owned Xinhua News Agency said China will slash the number working in China’s “ex-trade” sector by 3,065 by the end of 2020, including 4,700 in the state-run logistics firm Zhongshan Industrial Industry Co.ZHIIC will have to hire people for the logistics sector to meet the requirement of increasing its output to 1.7 trillion yuan ($230 billion) in 2019 from 1.3 trillion yuan currently, the Xinhua report said.ZHongshans exports to China grew 7.3 percent to 632.4 billion yuan in the last quarter of 2020.
China is one of the top destinations for foreign direct investment in the world, with more than $20 trillion in investment from the United States alone.
Zhighes trade department is planning to set up a new bureau to make up for the loss of 3,100 jobs in the logistics industry, Xinhua said.
It added the new bureau will focus on the production of new products and equipment, logistics and construction, while adding that it will also work to create jobs in related fields.