反反贼网

Chronicle TIMELINE

A chronological, causal record of the resistance, major political crises, and contemporary truth.

All decades ›1990s›1990

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SOE restructuring in the 1990s left 28 million workers laid off according to official statistics

1990 ·Reported ·Importance V ·Sources 1 ·China

The restructuring of state-owned enterprises led by Zhu Rongji officially recorded 28 million workers laid off in just six years; in total, about 60 million jobs disappeared from the state sector, including public sector positions. The northeast region was hit hardest, with its share of GDP falling from about 10% to 4.6%.

Japan's Bubble Burst Wipes Out Land and Stock Wealth

1990 ·Reported ·Importance IV ·Sources 2 ·Japan

In the 1990s, Japan's real estate and stock market bubble burst. According to Nomura Research Institute estimates, roughly $9.3 trillion in national wealth evaporated between 1990 and 2002, and the unemployment rate rose gradually after 1992.