China feeling pressure of rising unemployment amid recession
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China feeling pressure of rising unemployment amid recession

Last Updated: Monday, November 12, 2012, 19:52
 
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China feeling pressure of rising unemployment amid recession
Beijing: China, with a 4.1 percent urban unemployment rate, is feeling the pressure from the country's sluggish economy, as new job growth slows and more people become unemployed, a top official said Monday.

"The impact of economic slowdown on the job market is starting to emerge," said Vice Minister of Human Resources and Social Security Yang Zhiming.

The growth of newly added jobs in cities has been narrowing since April, while job vacancies have dropped with higher registered unemployed number, Yang said at a press conference on the sidelines of the 18th National Congress of the ruling Communist Party, which opened here on November 8 to elect a new Chinese leadership.

The growth of newly added jobs in cities has been narrowing since April, while job vacancies have dropped with higher registered unemployed number, Yang said.

"China will continue to face the problem of labour oversupply for a long time," he said.

China's job market is under great pressure this year as nearly 7 million college graduates have entered the job market, while migrant workers and unemployed urbanites still have difficulty getting full employment, said Yang.

China's urban registered unemployment rate stood at 4.1 percent at the end of September, unchanged from the second quarter of 2012, according to official figures. It was lower than the officially set ceiling of 4.6 percent this year.

The country created 10.24 million new jobs in urban areas in the first nine months, exceeding the annual target of 9 million for this year.

Yang said the government would boost labour-intensive industries as well as strategic emerging industries to bring job growth along with economic development.

He said the government will encourage college students to work in the central-western regions or start their own businesses, facilitate the development of small- and medium-sized enterprises and offer better training for rural workers.

The growth of newly added jobs in cities has been narrowing since April, while job vacancies have dropped with higher registered unemployed number, Yang said.

"China will continue to face the problem of labour oversupply for a long time," he told reporters.

PTI



First Published: Monday, November 12, 2012, 19:52


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