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China to power up on jobs, even as growth engine slows

Author: IANS/Thursday, March 9, 2017/Categories: Government

China to power up on jobs, even as growth engine slows

Beijing, March 9 (IANS) - China aims to create 11 million new jobs for urban residents this year, despite the slowdown of economic growth, a media report said. The confident move, according to analysts, is because the country has maintained a medium-to-high speed of economic growth, the People's Daily said in the report.
Chinese Prime Minister Li Keqiang, in the government's annual work report delivered at the opening meeting of the annual session of the National People's Congress (NPC), also promised to keep the registered urban unemployment rate within 4.5%. This year's target for urban job creation means an 1 million increase compared with last year, but Li explained that it underlined China's greater emphasis on employment.

The past three years starting from also witnessed a target increase from 9 million to 10 million, the report said. "Last year, China created 13.14 million urban jobs, surpassing 13 million for the fourth consecutive years, therefore the goal for this year should be attainable," said Zheng Gongcheng, a professor with Renmin University of China.
The medium-to-high speed growth and considerable economic aggregate provide China a basis to stabilise and expand employment, Zheng said. The service industry, according to Zheng, can create more jobs. 
 Data showed that the added value of service industry has accounted for 51.6% of the country's GDP and the figure will increase, indicating that more jobs will be created, the professor noted.

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S Vijaykrishnan
S Vijaykrishnan


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