CHINA – China is stepping up efforts to create jobs and develop entrepreneurship this year to find work for millions of unemployed and college graduates, reports Reuters.
As noted by Meng Wei of the National Development and Reform Commission (NDRC), China needs to create jobs for 9.7 million people registered as unemployed, and 8.2 million new college graduates, as well as workers affected by the decline in production capacity.
The level of registered unemployment in China’s cities last year fell to 3.9% and remained generally stable, despite government plans to reduce production capacity.
However, many analysts say that official data is an unreliable indicator of employment conditions, as they measure only employment in urban areas and do not take into account the millions of migrant workers that make up China’s workforce.
According to the representative of NDRC, job protection is the basis of China’s stable growth policy.
The country’s authorities are counting on “new growth engines”, such as technologies and services, to support the creation of jobs.
China will create a political environment that supports the digital economy, and will contribute to the development of large data and artificial intelligence. NDRC will also improve its policies to support the growth of private firms, said Meng Wei.
Economic growth in China in 2017 accelerated for the first time since 2010 against a background of strong global growth.
As a result of 2017, GDP increased by 6.9% after rising by 6.7% in 2016, the National Bureau of Statistics showed. The growth rate in 2016 was minimal for 26 years. The target of GDP growth was set by the government at 6.5%.