China reports lowest urban unemployment rate since 2008

Updated 2017-11-02 09:03:02 CGTN

The unemployment rate in Chinese cities stood at 3.95 percent at the end of the third quarter of 2017, the lowest level since 2008, official data showed.

China created 10.97 million jobs in the first nine months of the year, 300,000 more than the same period last year, the Ministry of Human Resources and Social Security (MHRSS) announced Wednesday.

The job market has remained stable with the unemployment rate at its lowest level since the global financial crisis in 2008, Lu Aihong, a senior MHRSS official, said at a press conference.

China created 10.97 million new jobs in the first nine months of 2017. /VCG Photo

The unemployment rate is calculated on the number of jobless people who register with human resource authorities or employment services institutions.

Under a low unemployment rate and in the face of an overall slowdown in the economy, Yin Weimin, head of the Ministry of Human Resources and Social Security, added that the Chinese job market is largely reliant on the new Internet economy and entrepreneurship.

Although many analysts say that the government figure is an unreliable indicator of national employment conditions, China's official unemployment rate has remained generally stable as economic growth has dipped to a 26-year low and the government forges ahead with ambitious plans to cut back on industrial capacity.

Chinese Premier Li Keqiang said in March that China created 13.14 million new urban jobs in 2016 and aims to add another 11 million this year, while keeping the registered unemployment rate below 4.5 percent.

In April, Beijing said it would need to resettle about half a million workers that lose jobs in the coal and steel sectors this year and will speed up development of a "black list" system for firms with wage arrears.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 23 2019 07:54:10

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 23 2019 07:54:10

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 23 2019 07:54:10

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords