"For example, in China’s industrial sector, there has been a net job loss of more than 5 percent per year on average between 1995-2003, which is the result of 11 per cent job creation and 16 percent job losses on an annual basis. This has gone together with a productivity growth of 20.4 per cent (in nominal terms) per year. Preliminary analysis of firm-level data through 2005 suggests that this process is continuing at a rapid pace."
Whatever this is, it's not economic crisis. It's not pleasant for Chinese workers, but this is precisely the sort of "market dynamism" that Larry Kudlow and Robert Kuttner love.
Doug