"BEIJING – China greeted the arrival Monday of the Year of the Ox with fireworks and celebrations, bidding farewell to a tumultuous 2008 marked by a massive earthquake, the Olympics, and a global economic crisis."
"The Lunar New Year is China's most important holiday. It is generally the time of the year for lavish spending on elaborate meals with friends and family and exchanges of "hong bao," or red envelopes stuffed with money.
But the country's economic outlook this year has been dampened by the deepening global financial crisis, with China's 2008 annual growth down to a seven-year low of 9 percent. Thousands of factories have closed in China's export-driven southeast and estimates of job losses exceed 2 million.
Communist leaders have worried publicly about rising tensions and possible unrest as laid-off workers stream back to their hometowns. They have promised to create new jobs and are pressing employers to avoid more layoffs."
This goes back to what we were discussing in class the other day regarding how important a job is to a Chinese person versus and American person. A job is not a job to a Chinese person, it is their life. To have this many layoffs could cause considerable unrest among the Chinese population.
http://news.yahoo.com/s/ap/20090126/ap_on_re_as/as_china_new_year;_ylt=AkLOHd03IOasfV5qCcGvfggBxg8F