China anticipates booming job market in 2016
Updated: 2016-10-27 09:26
(People's Daily Online)
China's slowing economy has not dampened the country's job market. Over 10 million new jobs were created in the first three quarters of 2016, with an unemployment rate of 4.04 percent, while several regions have raised the local minimum wage, People's Daily reported on Oct 26.
Despite the economic slowdown, China created 10.7 million new jobs from January to September, surpassing the annual target of 10 million. The national unemployment rate is also lower than the planned 4.5 percent, dropping below 5 percent in 31 major cities for the first time since June 2013, according to the Ministry of Human Resources and Social Security (MHRSS).
In addition to the rising employment rate, nine regions in China had raised the local minimum wage as of the end of September, with an increase of 10.7 percent on average. People in Shanghai enjoyed the highest increase, of 2,190 yuan per month.
“The growth rate of China's economy lies in a reasonable range, and its scale has grown in 2016. With the optimization of industrial structures and favorable employment policies, the country's job market will likely see steady development [throughout 2016],” said Li Zhong, spokesperson for MHRSS, in an interview with People's Daily.
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