China’s labour market sees improvement in first half of 2022
China’s labour market has improved over 1H2022, with 2.5 million unemployed workers finding new jobs and a creation of 6.54 million jobs over the period, official data showed.
In June alone, the employment situation also improved compared to April and May. However, “the task to stabilise employment is still heavy,” noted the cabinet.
The country’s survey-based jobless rate fell to 5.9% in May from 6.1% in April, which is still above the government’s 2022 target of under 5.5%.
“The current employment situation has turned for the better, yet pressure remains significant and must not be underestimated,” said Premier Li Keqiang, according to Xinhua.
The government has promised continued support and relief measures to businesses. It has vowed a wide range of measures, which include the deferral of social insurance contributions by employers, the provision of guaranteed loans of up to US$30,000 to eligible startups and self-employed households, and boosted efforts to support the hiring of key groups like college graduates.
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Despite the current challenges in the labour market, job postings have outnumbered jobseekers, highlighted the Ministry of Human Resources and Social Security.