More than 12 million jobs created last year
Source: Xinhua |
January 21, 2012, Saturday
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Print Edition
Print Edition
SOME 12.21 million jobs were created in urban China in 2011, well above the target of 9 million, the Ministry of Human Resources and Social Security said yesterday.
The figure also exceeded the 11.68 million new jobs created in 2010. China's urban jobless rate stood at 4.1 percent, the same as a year earlier, ministry spokesman Yin Chengji told a press conference in Beijing.
Yin cited economic growth and government aid as factors supporting the employment. China's economic expansion slowed to 8.9 percent year on year in the fourth quarter of 2011, a bit faster than market expectations. The economy grew 9.2 percent for the year.
The employment outlook remains grim for 2012, with 25 million urbanites in need of jobs, 1 million more than the annual average for the 2006-2010 period, Yin said.
Uncertainties in the economy will have a great impact on employment while the structural imbalance between labor oversupply in some sectors and shortages in others will remain, he said.
He said the government will continue to give priority to creating enough jobs for college graduates in 2012, who will number 6.8 million, according to official estimates, 200,000 more than last year.
More policies also will be made to encourage college graduates and rural workers to start their own businesses, while investment in job training will be increased, Yin added. In 2011, 8 million jobs were created for farmer-turned workers. More than 17 million people received government-subsidized training aimed at helping them find jobs.
While working to boost employment, China is expanding its social security network and seeking higher investment returns for its huge pension funds. Yin said China's social security funds covering pensions, medical care, unemployment, maternity and work-related injury insurance collected 2.37 trillion yuan (US$375 billion) in 2011, up 26 percent from 2010.
Spending by social security funds increased 21.1 percent last year to 1.79 trillion yuan. Social security funds were worth 2.87 trillion yuan at the end of 2011, of which 1.92 trillion yuan was pension funds.
The government will raise the per capita monthly pension for retired corporate employees again in 2012, by around 10 percent, after increasing the standard for seven consecutive years, Yin said.
The figure also exceeded the 11.68 million new jobs created in 2010. China's urban jobless rate stood at 4.1 percent, the same as a year earlier, ministry spokesman Yin Chengji told a press conference in Beijing.
Yin cited economic growth and government aid as factors supporting the employment. China's economic expansion slowed to 8.9 percent year on year in the fourth quarter of 2011, a bit faster than market expectations. The economy grew 9.2 percent for the year.
The employment outlook remains grim for 2012, with 25 million urbanites in need of jobs, 1 million more than the annual average for the 2006-2010 period, Yin said.
Uncertainties in the economy will have a great impact on employment while the structural imbalance between labor oversupply in some sectors and shortages in others will remain, he said.
He said the government will continue to give priority to creating enough jobs for college graduates in 2012, who will number 6.8 million, according to official estimates, 200,000 more than last year.
More policies also will be made to encourage college graduates and rural workers to start their own businesses, while investment in job training will be increased, Yin added. In 2011, 8 million jobs were created for farmer-turned workers. More than 17 million people received government-subsidized training aimed at helping them find jobs.
While working to boost employment, China is expanding its social security network and seeking higher investment returns for its huge pension funds. Yin said China's social security funds covering pensions, medical care, unemployment, maternity and work-related injury insurance collected 2.37 trillion yuan (US$375 billion) in 2011, up 26 percent from 2010.
Spending by social security funds increased 21.1 percent last year to 1.79 trillion yuan. Social security funds were worth 2.87 trillion yuan at the end of 2011, of which 1.92 trillion yuan was pension funds.
The government will raise the per capita monthly pension for retired corporate employees again in 2012, by around 10 percent, after increasing the standard for seven consecutive years, Yin said.
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