30.4 C
New Delhi
Sunday, March 7, 2021

China expecting serious employment pressure this year

Yin Weimin, minister of human resources and social security, speaks at a press conference on the sidelines of the National People's Congress annual session in Beijing, March 10, 2015. (Photo courtesy/China Daily)
Yin Weimin, minister of human resources and social security, speaks at a press conference on the sidelines of the National People’s Congress annual session in Beijing, March 10, 2015. (Photo courtesy/China Daily)

(TibetanReview.net, Mar12, 2015) – China could face greater social turbulence this year with a government minister saying Mar 10 that the country’s employment market could come under greater pressure as it faced a record number of college graduates while economic growth was expected to hit a 25-year low.

Urban employment fell by a large margin year-on-year in January and February, the official chinadaily.com.cn Mar 11 cited Yin Weimin, minister of human resources and social security, as saying at a news briefing on the sidelines of the ongoing National People’s Congress annual session.

He has said about 15 million young people were expected to enter the labour market this year, including an estimated record number of 7.49 million college graduates. “The large numbers in the new workforce will pose immense pressure (on the labor market) and there is also an acute structural imbalance,” Yin has added.

He has expressed confidence, however, that 10 million new jobs can be created this year, as promised by Premier Li Keqiang in his annual Government Work Report to lawmakers at the opening of their annual plenary session on Mar 5.

A lower growth target of “about 7 percent” was also announced, compared to 7.4 percent last year, itself the lowest since 1990.

Nevertheless, the report cited Chen Yu, vice-president of the China Association for Employment Promotion, as saying an economic growth of 7 percent would still be adequate to ensure the creation of 10 million jobs.

The country’s pension fund was also reported to faces “tremendous challenges” to break even and Yin has said the central government will announce a plan in 2017, to be implemented five years later, to increase the retirement age gradually in an attempt to address this problem.

Yin has said the dependency ratio — the ratio of those not in the labor force to those typically in work, was expected to change from the current 3.04-to-1 (3.04 workers supporting one retiree) to 1.3-to-1 in 2050.

Related Articles

China’s Sichuan-Tibet Railway investment dwarfs spending on Three Gorges Dam

(TibetanReview.net, Mar04’21) – China’s project to build a railway line between Sichuan’s capital Chengdu and Tibet’s capital Lhasa is its biggest construction...

China curbed foreign journalists’ work on Covid-19 pretexts, used some as pawns in diplomatic disputes

(TibetanReview.net, Mar01’21) – Foreign journalists working in China have seen a "rapid decline in media freedom" in 2020 with Beijing using coronavirus...

Chinese gov’t exaggerating its role in poverty elimination?

(TibetanReview.net, Mar01’21) – China’s claim that it has lifted 100 million people out of poverty and eliminated absolute poverty needs to be...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

6,210FansLike
772FollowersFollow
7,292FollowersFollow
- Advertisement -

Latest Articles

China to ‘support’ Tibet in building passageway to South Asia

(TibetanReview.net, Mar06’21) – China has said Mar 5 that it will help the local Tibet Autonomous Region government to build an important...

Local ‘Tibet’ gov’t to spend 190 bln yuan on transportation projects

(TibetanReview.net, Mar06’21) – Building roads and later on airports and railway lines has been particularly important for China during its invasion of...

Dalai Lama gets his first Covid-19 jab

(TibetanReview.net, Mar06’21) – Tibet’s exile spiritual leader, His Holiness the Dalai Lama, received the first dose of his Covid-19 vaccine this morning....

Covid-19 has caused more mass trauma than WW2: WHO chief

(TibetanReview.net, Mar06’21) – The spread of the Covid-19 infection which became a global pandemic because China brutally suppressed information about its outbreak...

Three Tibetans held for not registering WeChat group, one in hospital with both legs broken

(TibetanReview.net, Mar04’21) – For failing to register with local authorities a WeChat group they had setup in mid-February, China has arrested on...