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China Jobless Pose 'grave' Crisis

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http://news.bbc.co.uk/1/hi/business/8183339.stm

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.

So is China really recovering? Unemployment a state secret? Perhaps Brown will follow suite as it's too negative to report.

Secrecy and lack of transparency is what the free market is built on.

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http://news.bbc.co.uk/1/hi/business/8183339.stm

So is China really recovering? Unemployment a state secret? Perhaps Brown will follow suite as it's too negative to report.

Secrecy and lack of transparency is what the free market is built on.

So where did the stimulus get spent?

Jobless Recoverehs

Recoveryless Recoverehs!

Stock Market Bubbles

Hmm, we are on a knife edge.

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FT.com China’s growth figures fail to add up

http://www.ft.com/cms/s/0/0ec404fc-8120-11...144feabdc0.html

GDP totalled Rmb15,376bn ($2,251bn) in the first half, according to data released individually by China’s 31 provinces and municipalities, 10 per cent higher than the official first-half GDP figure of Rmb13,986bn published by the National Bureau of Statistics.

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An editorial on Tuesday in the China Daily, the government’s English-language mouthpiece, quoted another survey that found 91 per cent of respondents sceptical of official data, up from 79 per cent in 2007.

The article doesnt talk about this 10% discrepancy in the context of past discrepancies, but it's hard to have much confidence all the same.

Beacon of hope or black box?

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