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  • Sunday 25th October 2020

  • IT Conslting, Digital Transformation with IT Services
  • China’s jobless rate at lowest level in years

    22 October Beijing China-China has maintained overall stability in employment in the past five years, although the unemployment rate has hit 3.95 percent – its lowest point in multiple years – at the end of September, China’s labor ministry said on Sunday.

    The Ministry of Human Resources and Social Security said in a statement that 10.97 million new jobs had been created in China from January to September this year alone, with a growth of 300,000 compared with the previous year.

    According to the National Bureau of Statistics (NBS) figure, the jobless rate for 31 major cities stood at 3.95 percent in September, reached the lowest level since 2012.

    Despite being ahead of schedule, Yin Weimin, head of the ministry, told media that “raising the capacity to employ workers overall still faces large pressures.”

    “We need to create 15 million jobs per year,” Yin said, singling out China’s more than 8 million new university graduates that enter the job market each year as one particular group in need of additional employment.

    Under a low unemployment rate, in the face of an overall slowdown in economy, Yin added that Chinese job market is largely reliant on the new Internet economy and entrepreneurship.

    Although many analysts say that the government figure is an unreliable indicator of national employment conditions, China’s official unemployment rate has remained generally stable as economic growth has dipped to a 26-year low and the government forges ahead with ambitious plans to cut back on industrial capacity.

    Chinese Premier Li Keqiang said in March that China added 13.14 million new urban jobs in 2016 and aims to add another 11 million this year while keeping the registered unemployment rate below 4.5 percent.

    China’s official unemployment rate has remained generally stable as economic growth has dipped to a 26-year low and the government forges ahead with ambitious plans to cut back on industrial capacity.

    However, pressure remains as more than 15 million people in cities will be in need of jobs in each of the coming three years, with the number of new graduates from universities expected to exceed 8 million next year, Yin said.

    He pledged to continue proactive support for employment, strengthen vocational training, encourage entrepreneurship and protect workers’ rights.

    In April, Beijing said it would need to resettle about half a million workers that lose jobs in the coal and steel sectors this year and will speed up development of a “black list” system for firms with wage arrears.

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