By Yang Yiyong

The international financial tsunami, set off by the US subprime crisis, has not only led to a drastic cut in the consumer demand of the world's largest economy, but has also had a negative impact on China's manufacturing industry.

According to statistics from the China Import & Export Fair, the total number of orders reached at the latest autumn fair showed a 10 percent fall in the growth rate from last year. The Guangzhou Fair, the country's largest commodity fair, serves to some degree as a weathervane of the export-bound economy. The steep drop in orders at the fair is symbolic of the hardship some domestic labor-intensive enterprises, especially the medium and small-sized ones, have suffered.

It is reported that the number of labor disputes and complaints has been on the rise in recent months under the ever-harsher employment situations. Also, more and more farmers-turned-workers based in some southeastern coastal regions have joined the hometown-bound tide.

The Chinese government, enterprises and employees should make a concerted effort to tackle the ongoing seismic global economic crisis.

What they should do first is to maintain a stable employment environment. The central government has launched a colossal stimulus plan to spur domestic demands. It has also promised to reduce tax on enterprises and increase investment. To coordinate the country's efforts to deal with the unprecedented economic crisis in a century, employers should also not excessively cut down staff only for reducing their operating costs.

Employees who are at the most disadvantageous position should lower their expectations of income rise in order to keep their rice bowls.

Recently the Ministry of Resources and Social Security issued a notice, demanding all possible measures be taken to help struggling domestic enterprises weather the upcoming economic winter and stabilize employment situations.

It also made a decision to put a temporary moratorium on the implementation of the long-overdue minimum wage levels throughout domestic enterprises. At the same time, the ministry also encouraged State-run enterprises to shoulder more social responsibilities in their pursuit of economic returns. In the context of the global economic slowdown, a freeze on the minimum wage system is for sure an advisable action.

The move will help maintain a steady economic growth and prevent the national economy from declining drastically. In the past year, the central government has shifted its macro-control policy from preventing an overheated economy and rise in inflation to striving to maintain a steady growth. Such a policy change demonstrates the central government's flexibility in policy making and its strong intentions to pursue a healthy and steady economic development to improve people's living conditions.