China created 12.56 million new urban jobs in 2024, surpassing the government’s target of 12 million, reports The Global Times, citing data from the Ministry of Human Resources and Social Security (MOHRSS). The urban surveyed unemployment rate averaged 5.1% in 2024, 0.1% lower than the previous year, according to the ministry.

China’s GDP grew 5% year-on-year in 2024, according to the National Bureau of Statistics.

Peng Xizhe, director of the Center for Population and Development Policy Studies at Fudan University, told the Global Times, “China’s overall employment situation this year is expected to be better than in 2024.” He added that the country’s large-scale equipment renewal policies and trade-ins of consumer goods to boost domestic demand and support economic growth will produce effects in the employment sector in around half a year, and accordingly, manufacturers and companies will tend to hire more in 2025.

China is also projected to see a surge in the number of college graduates in 2025. With an estimated rise of 430,000 graduates from the previous year, the total number of college graduates is expected to reach 12.22 million.