Job market in China shows stability in 1st 7 months of 2024

(MENAFN) China's job market has shown stability through the first seven months of 2024, with a notable decrease in the surveyed urban unemployment rate compared to the previous year. According to the National Bureau of Statistics (NBS), the average unemployment rate in urban areas was 5.1 percent during January to July, marking a 0.2 percentage point decline from the same period last year.

In July specifically, the unemployment rate was recorded at 5.2 percent, slightly higher than June’s 5 percent, but still lower than the 5.3 percent reported a year ago. This indicates a minor uptick in unemployment for July, though the year-over-year comparison remains favorable.

The Chinese government has been proactive in stabilizing the job market this year by implementing various pro-employment policies, enhancing job-seeking services, and supporting key demographics such as college graduates and migrant workers. These measures are aimed at bolstering employment amidst ongoing economic developments.

NBS spokesperson Liu Aihua emphasized that while the employment situation remains stable, there are ongoing pressures and structural issues within the job market. The government plans to focus on improving youth employment and taking stronger actions to achieve high-quality full employment as the economy continues to grow and generate new job opportunities through evolving industries.

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