A large scale layoff involving multiple industries is happening worldwide.

Anbound's scholars of the view that judging from the new wave of layoffs, the actual state of the global economy and the Chinese economy could be far worse than suggested by the economic data.

If the layoffs spread across other industries, this means that it is highly likely that there will be global recession very soon.

Moreover, as it is undergoing transformation and structural adjustment, not only that China is not spared from the layoffs wave, it is likely that China will be severely affected by the layoffs and the problems associated with unemployment.

China should prepare itself for the forthcoming unemployment problems