China’s job market ‘facing big pressure’ from Covid-19 impact, bleak global economic outlook
- Yu Jiadong, vice-minister of Human Resources and Social Security, says pressure is on for China to create more jobs and curb unemployment
- China’s headline jobless rate rose to 5.7 per cent in November, while unemployment for 16 to 24 year olds remains elevated at 17.1 per cent
China is still facing a daunting challenge to ease pressure on the job market as the impact of the coronavirus pandemic is yet to subside, a senior official has said.
“The pandemic impact, a bleak global economic recovery and unstable market expectations have forced enterprises to downsize or cut recruitment positions, which led to a decline in new urban jobs and a rise in the unemployment rate,” said Yu Jiadong, vice-minister of Human Resources and Social Security.
China’s headline jobless rate rose to 5.7 per cent in November, the highest level since May when a citywide lockdown in Shanghai dealt a heavy blow to the national economy.
The unemployment rate among young people aged 16 to 24 remained at an elevated level of 17.1 per cent in November, though down from the peak of 19.9 per cent in July.
We are still facing big pressure over the short term to create more jobs and contain unemployment
“Wholesale and retail, catering and travel, which are the sectors to absorb a large workforce, as well as regions that are hit hard by the pandemic, still need time to recover,” Yu told the national legislature on Wednesday in an annual report that was released on Thursday.
“Some trade and export companies are still seeing a long path of recovery due to the weak external market.