Xiagang (Chinese: 下岗; lit. 'step down from the post') is a Chinese term first utilised in 1995 by the Government of the People's Republic of China to describe the mass layoffs of state-owned enterprise (SOE) employees during the second half of the 1990s, when China was experiencing drastic transition from its socialist command economy aimed at egalitarianism and social welfare, to a socialist market economy (SME) characterized by radical privatization and competition.
Xiagang (Chinese: 下岗; lit. 'step down from the post') is a Chinese term first utilised in 1995 by the Government of the People's Republic of China to describe the mass layoffs of state-owned enterprise (SOE) employees during the second half of the 1990s, when China was experiencing drastic transition from its socialist command economy aimed at egalitarianism and social welfare, to a socialist market economy (SME) characterized by radical privatization and competition.
Source: Wikipedia "Xiagang" · CC BY-SA 4.0
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