In July, LG Electronics China started to lay off a number of employees, who have worked for five to nine years in the company. Nam K. Woo, president and CEO of LG Electronics China, said his company laid off over 10 percent of employees in last year's structural adjustment. Oracle and Wal-Mart also reportedly retrenched workers to save costs.
Foreign investment in Shanghai's service sector is increasing at a brisker pace than in other industries as the city tries to revamp its industrial structure.
The Shanghai property market is slowing after a new policy was released last month to curb speculation, prompting investors to put the brakes on.
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Raymond Zhou
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Chen Weihua
