China's unemployment rate edges down below 4%

China's unemployment rate edges down below 4%

China's registered urban unemployment rate went down below 4% for the first time in years. Undoubtedly, it’s a hopeful sign that slower economic surge isn’t generating the massive unemployment, which could potentially provoke social instability.

On Tuesday, the social security ministry told that 3.34 million new jobs were generated during the first quarter.

The registered urban unemployment rate hit 3.97% at the end of the first quarter, as Ministry of Human Resources and Social Security official Lu Aihong revealed at a news conference.

China has kept employment mostly stable even as economic surge has decreased to a 26-year minimum and the authorities shut down outdated industrial capacity, although many experts say the official figure appears to be an unreliable indicator of nationwide employment conditions.

On an annual basis, in 2001 the official unemployment rate dipped below 4%, when it was 3.6%, as the National Bureau of Statistics disclosed. The rate actually concluded 2016 at 4.02% after not budging from 4.1% during 2010-2015.

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