Can China achieve 11 million new urban jobs this year?

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China Aims to Create 11 Million New Urban Jobs This Year

Chinese authorities have set a target to generate 11 million new urban jobs and maintain an urban unemployment rate of approximately 5.5 per cent for the current year. This objective is part of broader economic goals that include achieving a Gross Domestic Product (GDP) growth of over six per cent. The government's announcement comes as the nation's economy rebounds from a pandemic-induced slowdown.
Job Creation and Economic Growth Targets

The stated goal of creating 11 million new urban jobs is directly linked to the government's broader economic agenda for the year. Alongside this employment target, the authorities have also projected a GDP growth of more than six per cent. This figure is seen by some analysts as a deliberately cautious target, especially considering the expected strong economic comeback after the domestic containment of the coronavirus.
Broader Economic Context and Priorities

The employment and GDP targets are framed within a context of China's economic rebalancing efforts, shifting from an export- and investment-led model towards one driven by consumer spending and "high-quality development." This emphasis on quality over quantity in economic growth is also reflected in other policy areas, such as potential resource allocation towards long-term initiatives like environmental protection.
Unemployment Rate and Informal Workforce

While the target is to keep urban unemployment around 5.5 per cent, it is important to note that official unemployment figures may not fully capture the employment landscape across the country. A significant portion of the workforce is engaged in the informal sector, which is not always reflected in these statistics. This situation presents a complex backdrop when assessing overall employment conditions and the achievement of job creation goals.

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Can China achieve 11 million new urban jobs this year?

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