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Job market unaffected by growth slowdown
By Lydia Chen |
October 25, 2011, Tuesday
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Online Edition
Online Edition
CHINA'S job market managed to remain stable in the third quarter despite a slowdown in the country's economy.
In the first nine months, the country has created a total of 9.94 million new jobs, achieving 10 percent more than the government target of 9 million of new jobs for the whole year, Yin Chengji, a spokesman of the Ministry of Human Resources and Social Security, told at a briefing in Beijing this morning.
That compares with 6.55 million in the first half and 9.31 million in the same period last year.
In the third quarter alone, a total of 3.39 million new urban positions were created, one of the best quarterly performances in "several years," according to Yin.
From July to September, the unemployment rate remained at the same level from a quarter earlier at 4.1 percent, which was unchanged for the fifth straight quarter.
The government aims to limit the urban jobless rate to within 4.6 percent this year – it hit a more than eight-year high of 4.3 percent in 2009 during the previous financial crisis.
China's gross domestic product slowed to 9.1 percent in the third quarter, the third consecutive quarter that have seen a shrinking growth and the least in two years, because of the declining export sector.
So far the economic slowdown hasn't had a "noticeable impact" on employment, according to Yin. The ministry was "closely monitoring" economic developments and would take targeted steps to maintain stability in the jobs market if needed, he said.
But official data from the ministry may be not reflect the real job situation in China since they exclude millions of rural workers who migrate from one province to another to find jobs.
The prospects of the job market in China could be even grimmer considering the huge number of new graduates every year, Yin said.
A total of 6.6 million university graduates are expected to join the job market this year while the number may exceed 7 million next year, according to government data.
Helping young graduates was a top priority of the ministry, Yin added.
Premier Wen Jiabao said over the weekend that employment should be made "even more of a priority" amid slowing growth and declining demand from overseas.
Meanwhile, Yin said China is currently in negotiations with Japan and European countries over government agreements after China decided to include foreign expats in the country's social security system starting from July.
In 2001, China inked an agreement with Germany over the issue and signed another one with South Korea two years later.
In the first nine months, the country has created a total of 9.94 million new jobs, achieving 10 percent more than the government target of 9 million of new jobs for the whole year, Yin Chengji, a spokesman of the Ministry of Human Resources and Social Security, told at a briefing in Beijing this morning.
That compares with 6.55 million in the first half and 9.31 million in the same period last year.
In the third quarter alone, a total of 3.39 million new urban positions were created, one of the best quarterly performances in "several years," according to Yin.
From July to September, the unemployment rate remained at the same level from a quarter earlier at 4.1 percent, which was unchanged for the fifth straight quarter.
The government aims to limit the urban jobless rate to within 4.6 percent this year – it hit a more than eight-year high of 4.3 percent in 2009 during the previous financial crisis.
China's gross domestic product slowed to 9.1 percent in the third quarter, the third consecutive quarter that have seen a shrinking growth and the least in two years, because of the declining export sector.
So far the economic slowdown hasn't had a "noticeable impact" on employment, according to Yin. The ministry was "closely monitoring" economic developments and would take targeted steps to maintain stability in the jobs market if needed, he said.
But official data from the ministry may be not reflect the real job situation in China since they exclude millions of rural workers who migrate from one province to another to find jobs.
The prospects of the job market in China could be even grimmer considering the huge number of new graduates every year, Yin said.
A total of 6.6 million university graduates are expected to join the job market this year while the number may exceed 7 million next year, according to government data.
Helping young graduates was a top priority of the ministry, Yin added.
Premier Wen Jiabao said over the weekend that employment should be made "even more of a priority" amid slowing growth and declining demand from overseas.
Meanwhile, Yin said China is currently in negotiations with Japan and European countries over government agreements after China decided to include foreign expats in the country's social security system starting from July.
In 2001, China inked an agreement with Germany over the issue and signed another one with South Korea two years later.
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