China Reports Urban Registered Unemployment Rate at 4.3%
The global slowdown has left a number of people jobless in China with country's urban unemployment rate at 4.3 per cent by the September end according to the official data released by country's labor ministry.
The figures of unemployment may further increase as data covers only registered workers without covering fresh graduates and unemployed migrant workers. The announcement of unemployment rate figures comes at a time when government is much optimistic of achieving 8 per cent growth rate.
Yin Weimin, the minister of human resources and social security has said in August that 8 percent growth rate is able to create 12 million jobs. But job seekers are growing day by day and more than 24 million people need job this year.
The country has renewed its policy commitment to create 9 million jobs and keeping the urban registered unemployment rate below 4.6% this year. The government is confident to mitigate unemployment at a time when China reported on-year gains of 7.9% in the second quarter backed by stimulus package announced by the government to revive demand in the economy.