China focuses on job creation to help cushion economy
China is prioritising job creation to help cushion the economy against potential impacts from uncertainties.
The country’s surveyed urban unemployment rate stood at 5.5% in Q1’2022, up 0.1 percentage points year-on-year, according to data from the National Bureau of Statistics (NBS).
Employment in China has remained generally stable since the beginning of this year due to its employment-first policy and increasing support for businesses, said NBS spokesperson Fu Linghui, according to Xinhua news.
“This year, we will step up the implementation of macro policies, and focus our fiscal and monetary policies on achieving employment targets,” said Premier Li Keqiang, after China’s annual legislative session in March this year.
China will be able to achieve its potential economic growth so long as it can attain maximum employment, Li said.
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In March, China’s job market cooled, with the urban unemployment rate inching up by 0.3 percentage points from February to 5.8%, while the unemployment rate among those aged between 16 and 24 hit 16%.