Export weakness erodes employment

China's weak trade performance in recent months has not only brought downside risk to economic growth but also exerted severe pressure on employment, according to Australian and New Zealand Banking Group Ltd.

Citing recent job cuts by China Rongsheng Heavy Industries Group, the bank said the nation's unfavorable first-half trade situation has had "obviously negative effects" on the job market.

"Job cuts by some Chinese export-oriented manufacturers, to some degree, reflect the nation's current trade situation," said Liu Ligang, chief Chinese economist at the bank.