China unemployment rate stands at 4.05% for Q1

China unemployment rate, recorded as 4.1% at the end of year 2014, dipped slightly by 0.05% in March as per the labour ministry.



The Chinese authorities have as prime concern to steer away from massive unemployment as the world’s second largest economy currently moving at a relatively slow pace.



According Cong Liang, deputy director the general affairs department at the NDRC, China unemployment rate has become quite stable after the creation of 3.24 million new jobs from January to March 2015.



In order to retain the jobless claims rate under 4.5%, the government is planning to further create 10 million new jobs at best this year.



It has been noticed that the country unemployment rate lingered between 4 and 4.5 since the last decade.



To boost the unemployment rate, the authorities used the survey method to gather new data which was estimated at the rate of 5.1%.



China’s overall economic growth is at a steady rate of 7%,standing at a six-year low after having been impacted by a plunge in housing sales and deficit in investment and in the manufacturing sector.



The authorities have already devised a set of stimulus measures since last year to tackle this economic issue.



Eventhough there have been two consecutive interest rate cuts, the situation is yet to be ameliorated.



Source: Reuters
Priscilla Camryn By: Priscilla Camryn
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