The recent turmoil in the Shanghai stock market is worrying investors and exporters alike. Kyrrie Blenkinsop reports.
Many of us work for companies that do business in China, either as direct investors or as exporters. Those companies are vunerable. The sheer amount of goods they export to the world's second largest economy is quite staggering. Germany - Europe's biggest exporter sold just over $80 billion dollars worth of goods to China last year. That's a lot of revenue and a lot of jobs. In Germany alone 18 million people are employed in manufacturing. No one is suggesting that all these jobs are vunerable - a slump in China would cause demand to slum, exports to tumble and unemployment to rise. That may or may not happen. But people are feeling China's pain in their own pockets already. If you have a pension, it's highly probable some of the money you save every month is invested in China, if not then in companies that do business there - if you're exporting goods or selling services. As we've seen over the past 10 days shares have tumbled, recovered and tumbled again. That amounts to a quarter of a trillion euros, wiped off the value of companies since the beginning of August.