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China – Government prioritises job-creation to unleash ‘full growth potential’ against headwinds (Xinhua)

25 April 2022

China is actively incorporating its long-standing employment-first approach into its pro-growth measures to help cushion the economy against potential impacts from heightened uncertainties, reports Xinhua. China's surveyed urban unemployment rate stood at 5.5% in the first quarter of this year, up 0.1% from the same period last year, data from the National Bureau of Statistics (NBS) showed. China's employment has remained generally stable since the beginning of this year due to its employment-first policy and ever-increasing support for struggling businesses, said NBS spokesperson Fu Linghui.

Job creation has been put high on the policy agenda. Chinese policymakers have repeatedly pointed out that job security and price stability are both key underpinnings for keeping major economic indicators within an appropriate range. China aims to create over 11 million new urban jobs and keep a surveyed urban unemployment rate of no more than 5.5% in 2022. To that end, Chinese authorities are striving to revitalise market entities, ensure employment for key groups, and support flexible employment. China aims to achieve an economic growth of 5.5% in 2022, with each percentage point of growth expected to help generate over 2 million jobs.