More layoffs on cards, paper says

SHANGHAI: The recruitment demand here will continue to shrink in the first part of this year amid the deepening financial recession, but a recovery is expected in the latter half, according to a white paper released by a local human resources association yesterday.

The paper, released by the Shanghai Human Resources Consulting Association (SHRCA), said manufacturing and financial industries, including steel, automobile, banking, insurance, and logistics are set to bear the brunt of the layoffs.

"Economic readings have shown that the impact of the financial meltdown on Shanghai is severer than most of the other cities due to its foreign-oriented economy," said Gu Jiadong, chairman of SHRCA.