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Chinese Unemployment

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China jobless pose 'grave' crisis

More than three million graduates in China are seeking work

China's job outlook remains "very grave" and could deteriorate further, a senior official has said.

The government is under "enormous pressure" to create jobs, said Wang Yadong at the Ministry of Human Resources and Social Security.

Last month, the Chinese authorities predicted 8% growth for 2009, thanks to a four trillion yuan ($585bn; £390bn) economic stimulus plan.

But the global downturn has still put millions of Chinese out of work.

'Challenging' crisis

Mr Wang said 3% of the country's 66.5 million migrant workers had failed to secure work when they returned to the big cities from their villages after the Chinese New Year.

He added that one-third of last year's university graduates, three million former students, had not yet found employment.

"What's more challenging is that the global financial crisis has not bottomed out yet, and there are still a lot of companies that are in difficulties," said Mr Wang, who is a deputy director at the ministry.

China's economy grew at an annual rate of 7.9% between April and June, up from 6.1% in the first quarter, thanks to the government's big stimulus package.

However, correspondents say unemployment remains a sensitive subject for Beijing and no overall figures are available.

One of the major issues IMO. The Chinese government needs millions of new jobs to be created in order to survive.

Will they stop buying US T bonds and increase their stimulus package or will they push exports to the West to even greater heights?

Perhaps they should understand that there are too many people chasing too few jobs and too many goods chasing too few customers, .......... and too much debt !!

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The state could create 3m jobs at the stroke of a pen. We can show them how, if they want. They wouldnt even have to borrow any money to do it.

If China doesnt, it will be yet more proof that the UK is as statist as anywhere in the developed world

Edited by Toilet-Currency

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