China promises creation of millions of jobs
Posted on February 12, 2018
China has assured that it will create millions of jobs to keep up with the low rates of unemployment in the nation. The Urban unemployment rate in China fell to 3.9% in 2017. It has remained stable notwithstanding the slow growth of the economy.
China will have to create 9.7 million jobs to cater to its employment needs. There will be 8.2 million fresh graduates in China and these will have to be provided jobs in the labor market.
A Spokeswoman for the high-level state planner said that China will enhance its efforts for creation of jobs. The National and Development Reform Commission’s Meng Wei said that millions of jobs will be created to ensure the economic growth of China.
The registered urban rate of unemployment in China decreased to 3.9%. It has remained steady notwithstanding the comparatively slower growth of the economy. Meanwhile, it has been reported that Chinese government has planned to reduce the industrial capacity. It will have to be watched as to how Chinese jobs will be increased in the backdrop of this policy.
Analysts have said that the official data considers only the employment in urban areas. It does not account for millions of immigrant workers that are the core of labor force in China, as quoted by the Indian Express.
Meng said that safeguarding jobs in China is crucial to its stable progress policy. China will have to execute top priority for creation of jobs. Its employment policies will also be made more dynamic, added Meng.
Chinese authorities are banking on fresh engines for growth such as IT and services for supporting the creation of jobs in China. The policy environment in China will support digital economy said, Meng. It will promote industrial internet sectors, artificial intelligence, and big data, she added.
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