The coronavirus pandemic is expected to cause millions more people in China to lose their jobs, leaving many of them stranded without a safety net, unable to access state unemployment benefits, economists say.
The rapid spread of the disease around the world has dashed hopes for a quick recovery in China, where the virus first emerged. Analysts expect nearly 30 million job losses this year due to stuttering work resumptions and plunging global demand, outpacing the 20-plus million layoffs during the 2008-09 financial crisis.
Beijing has fortified its jobless claims program in the decade since the financial crisis erupted, tripling the pot of funds to which both employers and workers contribute to 581.7 billion yuan ($82.37 billion), according to the latest data.