China’s un­em­ploy­ment rate steady

The Pak Banker - - BUSINESS -

BEI­JING: Em­ploy­ment 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 Fri­day. The reg­is­tered un­em­ploy­ment rate in China's cities was 4.05 per­cent at the end of 2015, un­changed from three months ear­lier, of­fi­cial data showed Fri­day.

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 recorded the slow­est growth in 25 years in 2015, ex­pand­ing 6.9 per­cent year on year, fu­el­ing con­cerns over job losses, es­pe­cially in in­dus­tries with ex­ces­sive ca­pac­ity. Li ac­knowl­edged 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 told re­porters. He said the job mar­ket looked set to be gen­er­ally sta­ble this year, cit­ing fa­vor­able fac­tors such as sound eco­nomic fun­da­men­tals, ad­vanced re­form mea­sures, in­no­va­tion, and stronger govern­ment sup­port for em­ploy­ment.

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