When cameraman Mark Xia returned to his job this month after holidays, the Shang...
BEIJING - When cameraman Mark Xia returned to his job this month after holidays, the Shanghai video production house where he worked told him to take three months of leave with no pay, as a coronavirus epidemic takes a toll of China’s businesses.
“I understand the company’s cash-flow is tight,” Xia, 25, told Reuters. “We postponed some shooting due to the coronavirus outbreak, and that’s had a huge impact on our revenues, that’s the reality.” Just 34% of nearly 1,000 small and medium-sized firms said they could survive for a month on current cashflow, a recent survey by Tsinghua University and Peking University showed.
“The employment situation is OK in the first quarter, but if the virus is not contained by end-March, then from the second quarter, we’ll see a big round of layoffs,” said Dan Wang, an analyst with the Economist Intelligence Unit .Private firms account for 80% of urban employment.
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