Tuesday, February 7, 2017

China To Create 50 million Jobs For Chinese Citizens By 2020

China has set a target of creating 50 million urban jobs by 2020 while keeping its unemployment rate under 5.0 per cent.

The country's State Council outlined its employment plans for urban areas for 2016-20 on Monday, according to the official China Daily.

The target is more than the 45 million target fixed for the previous five years but doesn't take into account rural areas where more than 40 per cent of the population lives.

This is because in China, the government never discloses employment statistics for the entire country.
In 2016, it created 13.14 million jobs and the unemployment rate fell to 4.02 per cent, far off from the target of five per cent, which the authorities will maintain for the time being.

The urban unemployment rate of China has been fluctuating between 4.0 and 4.3 per cent for more than a decade, during which its gross domestic product oscillated between 14.7 per cent in 2007 to 6.7 per cent in 2016, its lowest since 1990.

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