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China adds 10.66 million urban jobs
October 25, 2013, 9:35 am


The Chinese government had set this year’s urban unemployment rate target at 4.6 per cent [Xinhua]

China’s urban unemployment rate dipped last month with the Asian nation creating 10.66 million new jobs in cities during the first nine months of the year.

The urban jobless rate was reduced to 4.04 per cent at the end of September from 4.1 per cent three months earlier, according to the Chinese Ministry of Human Resources and Social Security (MOHRSS).

China’s urban employment increased by 10.66 million people during the first nine months of 2013, hitting the nine million target for the year ahead of schedule, said Ministry Spokesperson Yin Chengji at a press conference.

“The job market situation is relatively stable and employment is seeing steady growth in the first three quarters,” said Chengji.

The Chinese government had set this year’s urban unemployment rate target at 4.6 per cent.

The Asian nation had also warned of impending job losses as traditional industries in the country were restructured.

“China faces quite heavy employment tasks in the following months and the pressure over employment will be very big,” Chengji  said at a media briefing in July this year.

“The service industry plays an important role in absorbing labour, especially for those emerging services industry and network services,” he had warned.

Meanwhile, manufacturing activities in China rose to a seven-month high in October, official figures released on Friday showed.

China’s gross domestic product growth accelerated to 7.8 per cent in the third quarter, up from 7.5 per cent in the second quarter.

Chinese Premier Li Keqiang has said last week that there should be “no slackening” in carrying out policies that ensure growth targets are met in the Asian nation.

“The State Council has introduced various measures, such as to streamline administration and delegate powers to lower levels, to facilitate trade and investment and to free interest rates, while not expanding deficits, not loosening or tightening money supply”, said a statement released after the executive meet of China’s Cabinet last week.

Source: Agencies