China reports lowest urban unemployment rate since 2002

Source: Xinhua| 2018-01-26 14:36:41|Editor: Jiaxin
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(Xinhua file photo)

BEIJING, Jan. 26 (Xinhua) -- China's registered unemployment rate in urban areas stood at 3.9 percent at the end of 2017, the lowest since 2002,the Ministry of Human Resources and Social Security said Friday.

The reading was lower than 3.95 percent at the end of the third quarter last year, which was the lowest level since 2008.

The registered unemployment rate is calculated based on the number of unemployed people who register with human resource authorities or employment service institutions.

"China's job market remained stable and achieved progress in 2017 with core indicators beating expectations," ministry spokesperson Lu Aihong told a press briefing.

A historic high of 13.51 million new jobs were created in urban areas last year, 370,000 more than 2016, according to Lu.

China set an increase of 11 million jobs as its target for the whole of 2017, which was basically accomplished by September, according to the ministry.

The steady labor market came on the back of the sound social and economic development as well as concerted efforts by all departments in implementing job policies, Lu said.

To ensure stable employment, China has rolled out an array of pro-employment policies for graduates, redundant workers, the disabled and migrant workers, while the country's entrepreneurial wave has helped fuel job creation, according to Lu.

At the same time, he admitted that a huge workforce will continue to put pressure on the job market.

In 2018, China will strive to ensure re-employment of workers made redundant during the country's excess capacity cuts, help college graduates seek jobs, improve professional skills training, and support people in setting up their own businesses.

KEY WORDS: unemployment rate