October 12, 2008

China created 12 million jobs in 2007

It is reported that China’s stunning economic growth created 12 million new jobs in 2007; more than the population of Greece and easily exceeding a government target.

Mr Zhai Yanli vice minister of Labour and Social Security said that the job growth surpassed an official target of nine million set at the beginning of last year.

According to the US Bureau of Labour Statistics by comparison just 1.3 million jobs were created in the US. Job growth in China has brought unemployment down from a high of around 6% in the late 1990s, when economic restructuring eliminated millions of jobs.

The report did not specify whether the 2007 urban jobless rate included the massive floating population of migrant workers seeking work in the cities. The number of such migrants is believed to be around 150 million.

It said China will face a challenge keeping unemployment low due to the new job seekers and a continued move away from labour intensive industries. China is expected to announce the economy grew around 11.5% in 2007, when official figures are released later this week which experts say would be the highest in 13 years.