China to promote fiscal, monetary policies to support job stabilisation

China will focus on creating jobs and promote fiscal, monetary and industrial policies to stabilise its labour market, Li Zhong, Vice Minister of the Ministry of Human Resources and Social Security, said on Thursday.

As the Chinese economy struggles to recover from a COVID-induced slump, the youth unemployment rate has surged to a record high of 19.9% in July, while the nationwide survey-based urban jobless rate eased but remained elevated at 5.4%. Unemployment insurance payouts hit an all-time high in June, Reuters reports.

China’s employment situation has remained generally stable for a long time, but there has been persisting long-term pressure, Li told a news conference in Beijing.

“Structural contradictions have become more prominent with rising uncertainties and unstable factors. The job employment work still faces big challenges,” he said.

The world’s second-biggest economy was impacted by extended COVID-19 lockdowns in spring, which disrupted factory output and supply chains and hurt job-creating small businesses. The private sector provides a third of all jobs in China and creates 90 percent of new urban jobs, state media have reported.

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