China has created more than 12 million new jobs
2023.01.10 01:20
China has created more than 12 million new jobs
By Kristina Sobol
Budrigannews.com – Despite the COVID impact on economic growth, state media Xinhua reported late on Monday, citing the minister of human resources, that China created 12.06 million new urban jobs in 2022, exceeding the annual goal set by the government.
This is in contrast to the 12.69 million urban jobs created in 2021, the 11.86 million jobs created in 2020, and the 13.52 million jobs created prior to COVID 2019.
As anti-virus measures affect manufacturing and service businesses, policymakers have repeatedly pledged to prioritize job market stabilization, adding that it is the primary support for the economy to operate within a reasonable range.
In an interview with Xinhua, the head of the Ministry of Human Resources and Social Security, Wang Xiaoping, stated that China’s overall employment stability is “hard-won” in the face of slowing growth, frequent and widespread COVID-19 outbreaks, and a shifting and complex external environment.
Although “stabilizing job employment still faces many challenges,” Wang anticipated that China’s job market would remain generally stable in 2023.
According to Xinhua, China will increase support for small businesses and services businesses because these are the primary sources of employment.
In 2023, a record 11.58 million college graduates will enter the labor market, according to Wang, who noted that assisting young people find employment would be a priority.
In November 2022, the national survey-based jobless rate was 5.7%, while the rate for people between the ages of 16 and 24 was 17.1%.
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In the first three quarters of 2022, China’s economic growth was just 3%, and it is expected to remain at that rate for the entire year, making it one of its worst years in nearly 50 years.
