#Latest news with #northwesternChinaBloomberg2 days agoBusinessBloombergChina Forced to Keep Unprofitable Firms Alive to Save Jobs and Avoid UnrestOn the factory floor of a 69-year-old liquor plant in northwestern China, a dozen workers toil away sticking labels by hand on bottles of a fiery liquor known as baijiu, the nation's most popular spirit. The inefficiency on display at Shaanxi Qinyang Changsheng Brewing Co. — a firm that hasn't turned a profit since 2020 — might seem like an anomaly in a country where robots are replacing manual labor. But it's a scene replicated across the nation, as company owners and local officials go to great lengths to protect jobs and keep struggling firms alive.
Bloomberg2 days agoBusinessBloombergChina Forced to Keep Unprofitable Firms Alive to Save Jobs and Avoid UnrestOn the factory floor of a 69-year-old liquor plant in northwestern China, a dozen workers toil away sticking labels by hand on bottles of a fiery liquor known as baijiu, the nation's most popular spirit. The inefficiency on display at Shaanxi Qinyang Changsheng Brewing Co. — a firm that hasn't turned a profit since 2020 — might seem like an anomaly in a country where robots are replacing manual labor. But it's a scene replicated across the nation, as company owners and local officials go to great lengths to protect jobs and keep struggling firms alive.
2 days ago
