China’s urban unemployment rate reaches 4.1 percent

July 25th, 2012 - 1:29 pm ICT by IANS  

Beijing, July 25 (IANS) China’s urban registered unemployment rate stood at 4.1 percent at the end of June, authorities said Wednesday.

The rate remained unchanged from the first quarter of 2012, and rested below the government’s 4.6-percent annual target set for this year, the human resources and social security ministry said Wednesday, reported Xinhua.

China created 6.94 million new jobs in urban areas in the first half, fulfilling 77 percent of its annual target, ministry spokesperson Yin Chengji said at a press conference.

A total of 2.94 million laid-off workers were re-employed in the first six months, Yin added.

Last weekend, Premier Wen Jiabao warned of new employment pressures amid China’s economic slowdown, saying the country will face a more complicated and more severe situation in creating sufficient jobs.

The negative impact of the global financial crisis on China’s employment will linger for quite some time, leading to an imbalance between labor supplies and demand, Wen said.

China’s economy grew by 7.6 percent in the second quarter of this year, marking the slowest pace of expansion in three years due to sluggish external and domestic demand as well as the country’s efforts to cool the property market.

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