Workers Let Go by China’s Banks Are Putting Up a Fight

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Workers Let Go by China’s Banks Are Putting Up a Fight

Postby long_way » Tue Sep 07, 2010 11:59 am

A Big, Big Story
Posted by Joe Klein Monday, August 16, 2010 at 9:01 am

Given all the war and economic frustration and tumult, an absolutely crucial story--one that may have tremendous impact on our economy in the long-term--is taking place in China: the revolt of Chinese workers, in industry after industry, against the squalid working conditions and lousy benefits. The New York Times has been doing a good job of watching this. Today's installment is about a protest by bank workers who've been downsized.

Read more: http://swampland.blogs.time.com/2010/08 ... big-story/

Original article here:

Workers Let Go by China’s Banks Are Putting Up a Fight
By ANDREW JACOBS
Published: August 15, 2010


BEIJING — These are heady days for China’s state-controlled banks. Last month, the Agricultural Bank of China made its stock market debut, bringing in $22 billion for the largest public offering ever. A sister government-run bank, the Industrial and Commercial Bank of China, now has the highest stock market value of any bank in the world.

Times Topic: ChinaBut the windfalls have created an unusual problem for China: white-collar unrest. A few days after the Agricultural Bank went public, dozens of former bank employees stealthily gathered outside the headquarters of the country’s central bank. There, after distributing small Chinese flags, they quickly pulled on red and blue T-shirts that read, “Protect the Rights of Downsized Bank Workers.” By the time they had unfurled their protest banners, the game was over


Read the whole article: http://www.nytimes.com/2010/08/16/world ... ndex.jsonp
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