China’s employment firm as no large-scale layoffs
Print Edition
EMPLOYMENT in China held steady last year despite the economic slowdown and there were no large-scale layoffs although certain sectors did cut jobs, a human resources official said yesterday.
The registered jobless rate in China’s cities was 4.05 percent at the end of 2015, flat from three months earlier, official data showed yesterday.
China created 13.12 million new jobs for urban residents last year, exceeding the official target, Li Zhong, spokesperson for the Ministry of Human Resources and Social Security, told a press conference.
The government wanted to create at least 10 million new jobs and hold the unemployment rate below 4.5 percent in 2015.
“The job market remains stable overall,” Li said.
China’s economy posted the slowest growth in 25 years in 2015, growing 6.9 percent year on year, fueling concerns over job losses, especially in industries with excessive capacity.
Li said there would be increased job reductions in some industries and companies due to greater downward pressure and structural adjustment in the economy.
However, “job cuts will be limited to certain regions and sectors, and no large-scale layoffs are expected,” Li said.
He said the job market looked set to be stable this year on sound economic fundamentals, reform, innovation and government support for employment.
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