Unemployment under control at 4.02%
January 30, 2017 Category Macro-economy, Weekly
China’s job market remained stable last year with the urban unemployment rate well under control at 4.02% at the end of 2016, down from 4.04% three months earlier, the Ministry of Human Resources and Social Security said. China created 13.14 million new jobs for urban residents last year, exceeding the target of 10 million. China’s economy grew 6.7% year-on-year in 2016, down from the 6.9% rise in 2015 and marking the weakest annual growth in 26 years, which, along with the ongoing industrial restructuring, added to concerns over job losses this year. A huge workforce, a supply-demand gap for skilled workers and laid-off workers will continue to put pressure on the job market. To face the challenges, China will strive to ensure re-employment of workers made redundant during the country’s excess capacity cuts, help college graduates seek jobs, improve professional skill training, and support people to set up their own businesses, the Shanghai Daily reports.
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