Breaking News
0

China state planner warns economic pressure will hit job market

EconomyJan 21, 2019 10:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Recruiters and job seekers crowd an open air employment fair in Shijiazhuang

BEIJING (Reuters) - Downward pressure on the economy will impact China's job market, the state planner warned on Tuesday, a day after data showed gross domestic product grew at its slowest since 1990.

The overall job market is stable, although it faces "new changes", said Meng Wei, spokeswoman at the National Development and Reform Commission (NDRC).

Exports and imports unexpectedly shrank last month, while falling factory orders point to a further drop in activity in coming months and more job shedding.

China's survey-based jobless rate rose to 4.9 percent at the end of December from 4.8 percent a month earlier, according to the official data released on Monday.

The data also showed China's overall economy further cooled in the fourth quarter, dragging 2018 growth to the lowest in nearly three decades.

Some factories in Guangdong province - China's export hub - have shut earlier than usual ahead of the Lunar New Year holiday as new business ebbs.

"From the viewpoint of 'changes', the external environment is complex and austere," Meng said.

"Within the changes, there is something to worry about, and there is downward pressure on the economy. To a certain extent, the pressure will be passed onto jobs," she said.

Coupled with the high supply of fresh labor, such as this year's record batch of college graduates of 8.34 million, the pressure on employment will not diminish, Meng said.

China will prioritize graduates and migrant workers in its efforts to stabilize the job market, Meng told reporters.

In response to a question on jobs in the internet sector, Meng said new hires remained stable, and no massive layoffs were seen for now.

China's technology sector is facing challenges on a number of fronts, including tightening government regulations and the country's trade spat with the United States.

China is capable of keep its economy growing within a reasonable range, Meng said.

The Chinese government has recently tweaked its priorities to focus more on infrastructure and exports, as well as attracting foreign investment.

Support will also be given to cities that are encouraging industrial growth and upgrading their manufacturing sector.

China will encourage foreign firms to invest in its manufacturing sector, she said.

Last year, China approved 189 fixed asset investment projects, including projects in the high-tech, energy, transportation and water conservation sectors, the state planner said on Tuesday.

China added 4,100 km (2,550 miles) of high-speed railway track and six civilian transport airports in 2018, Meng told reporters.

Meng also said China had completed its targeted overcapacity cuts for coal and steel under the government's current five-year development plan, which ends in 2020.

China state planner warns economic pressure will hit job market
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email