China’s surveyed urban unemployment rate fell to 5% in May, showing a steady recovery in the economy

Students use artificial intelligence devices to search for jobs at a job fair at Chongqing University of Technology and Business in southwest China’s Chongqing Municipality, April 9, 2024. Photo: VCG

China’s surveyed urban unemployment rate stood at 5.1 percent from January to May, 0.3 percentage points lower than a year ago, China’s National Bureau of Statistics (NBS) said on Monday.

In May overall, the surveyed urban unemployment rate stood at 5.0 percent, unchanged from April, down 0.2 percentage points year-over-year.

NBS data polled 31 major Chinese cities stood at 4.9 percent in May, down 0.1 percentage point from April and down 0.6 percentage point year-on-year.

Analysts noted that China’s steady economic recovery has supported the recovery in the labor market, with a series of targeted measures put in place by the central and local governments in the first quarter to create new opportunities for job seekers.

Liu Aihua, spokesman for the NBS, highlighted the stable performance and upward trajectory of China’s economy during a press conference on Monday, saying China’s economy continued to expand in May, with industrial output above target growing 5.6 per cent. percent from year to year.

Liu noted that the services sector, imports and exports have all shown signs of recovery, with employment and price levels remaining stable, bolstered by continued macroeconomic policy support, strengthening external demand, rising consumption of May 1 holidays and other factors.

As China’s economy continues on the upward trajectory from 2024, economic development has increasingly fueled labor market growth, strengthening the foundation for urban employment, Liu said.

In the coming months, the targeted development of new quality productive forces will stimulate the development of new sectors and work roles, creating new jobs.

The spokeswoman also highlighted the challenges related to employment and some structural contradictions, underlining the need to continuously increase the quality of employment and achieve reasonable growth.

In June, local governments across China pledged to prioritize job growth as a top job priority, focusing on employing key demographic groups and encouraging diverse avenues for job creation to ensure sustainable improvement of the employment market.

Data from the NBS showed that the average urban unemployment rate surveyed for the January-April period came in at 5.2 percent, down from 5.4 percent from the same period in 2023.

China aims to create over 12 million urban jobs and keep the surveyed urban unemployment rate at around 5.5 percent in 2024, according to this year’s Government Labor Report.

The Ministry of Human Resources and Social Security said in late April that 3.03 million new jobs were created in the first quarter of 2024, signaling a good start for the employment market.

Analysts have highlighted the rapid development of quality productive forces as a new driver of economic growth, which will increase the demand for human resources.

The digital economy and the green economy are considered “blue oceans” for creating high-paying jobs with great potential. According to forecasts, by 2030, the development of China’s digital economy will have created jobs for a total of 449 million people.

Global Times