The newly created jobs in the Chinese labor market in urban areas over the past five years are almost as much as the population of France. More than 65 million jobs have been opened in the cities since the end of 2012, which maintains low levels of unemployment, according to the data presented by the Minister of Human Resources and Social Security, Yin Weimin.
The employment rate for college graduates, including 8 million this year, exceeds 90% over the period under review. This is great news for Chinese leaders who have already achieved their goal of adding 11 million new jobs to cities this year, while also stepping up efforts to reduce debt and excess capacity.
Overall, Chinese labor market seems stable. The unemployment rate in the 31 major cities was 4.83% in September, the lowest in 2012 and 4.9% in November, according to the Chinese Statistical Office.
Next year, a 5% unemployment rate could be maintained, with the economy expected to create 13.5 million jobs.
At the same time, the official unemployment rate, which is often overlooked by economists, seldom fluctuates – even during the financial crisis – to 3.95% in the second quarter. This is the lowest level since 2002 and remains at the same level in the third quarter.