Change in China

Patrick Crow Washington, D.C. Two major Chinese oil firms have announced plans to cut about 976,000 jobs over the next 5 years in order to reduce costs and better compete in the global market. China National Petroleum Corp. (CNPC) will cut its work force to 1 million by 2004 from the current 1.5 million. China National Petrochemical Corp. (Sinopec) plans to reduce staff to 714,000 from 1.19 million by 2003. As a result of the government's policy of full employment, both of China's major oil concerns have been grossly overstaffed, even by the bloated standards of other national oil companies. CNPC and Sinopec would cut back more and ...

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