China's survey-based jobless rate goes down to fifteen-year minimum in 2017

China's survey-based jobless rate goes down to fifteen-year minimum in 2017

In 2017, China's survey-based jobless rate went down to 3.9%, which is the lowest result since 2002. Apparently, it has appeared to be the Asian country’s first economic rebound for seven years. That’s what the Ministry of Human Resources and Social Security told on Friday.

In 2017, China managed to generate a record-maximum of up to 13.51 million new jobs – an ascend of 370,000 versus 2016, according to an official transcript of the ministry’s press briefing published on the web.

This year employment prospects are expected to be more complicated because of still dominating economic uncertainties both abroad and at home. However, market experts hope that the country’s labor market would still be steady in general.

In 2017 up to 380,000 employees were relocated from heavy industries, including coal and steel under a government-led initiative to diminish excess capacity, as the ministry informed.

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