Global financial crisis spills over China's labor market crisis, labor, market, Global, financial

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BEIJING -- In the space of a year, Yang Chanjuan's career plan has changed direction. As a soon-to-graduate college student in economics, Yang is feeling her fortunes being buffeted by the financial crisis.
Yang was recently told by her schoolmates already working in the financial sector that their companies would cut staff, or there would no bonus this year. Amid the turmoil and full of uncertainty, a job in banking or securities company was no longer desirable to her. As a result, she decided to apply for a government job.
Yang's change in career plan came as the financial crisis is spreading around the world. As it is now beginning to hit the real economy, more and more people, not only those in banks, have lost their jobs.
International Labor Organization (ILO) estimated earlier that the financial crisis would cost 20 million jobs globally by the end of 2009. The ILO said the new projections could prove to be underestimates if the effects of the current economic turmoil are not quickly confronted and plans laid for the looming recession.