China’s Economy Slams On The Breaks: 30% Of Coal Miners Unable To Pay Employees On Time
by Tyler Durden
ZeroHedge.com
09/22/2014
More than 70 per cent of the country’s coal miners were losing money and had cut salaries. Translated: widespread wage deflation, in a country where M2 is expected to grow at a double digit pace. And the really bad news: “About 30 per cent of the industry’s miners had not been able to pay their employees on time and a further 20 per cent had cut salaries by more than 10 per cent, the Economic Information Daily, a Xinhua-affiliated newspaper, reported on Monday.”
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