China's employment data is stabilizing and targets on new job creation have been achieved ahead of the timeline, the National Bureau of Statistics said on Monday. The news came despite earlier concerns about the slowing economy.
According to China Daily, the bureau said employment saw stable growth with around 12.79 million new jobs created in urban areas. The figures have exceeded targets originally set in March which sat at 11 million.
The NBS explained that China's unemployment rate also stood at a reasonable level despite earlier concerns about the country's employment rates potentially slumping due to the slowing economy and the China-U.S. trade war.
Vice-dean of Peking University's China Institute for Occupation Research, Chen Lixiang, acknowledged that while the Chinese economy is going through "restructuring" and challenges will come, the jobs market "does have a promising future."
Chen further noted that the Chinese government is "fully prepared" to manage the restructuring process that could pose threats to employment rates and weigh down corporate and hiring sentiment.
Over the past months, Beijing rolled out guidelines that have helped with the country's initiatives in helping workers. Among those that benefited from the guidelines are migrant workers, college graduates, laid-off employees, and demobilized military personnel.
Job fairs around the country have also helped with the stability in job creations and hiring. Entrepreneurship is also being promoted in China to both furloughed workers and college students in the race for graduation.
The government has also been encouraging citizens to take up skills training courses as such courses can help with upskilling and thus, better chances of getting hired in preferred job segments.
Earlier this month, the State Council said China will continue to help support disabled citizens and their employment security fund system. Legal action will be taken to ensure that wage-related issues are resolved, the Council said in a statement.
According to Xinhua, the Council also discussed further strategies on how China can improve the jobs market. During the Council meeting, it was agreed on that one-time financial aid will be provided for migrant employees who want to go home and launch their entrepreneurial journeys.
Vocational skill training will also be organized for people who are below 20 years of age and unemployed. Security funds will also be allotted for disabled employment and incentives will be encouraged among companies hiring disabled workers.
Wage-related issues, especially among migrant workers, will also be resolved by using legal means, the Council decided. The move is in line with China's pledge of improving the overall corporate environment for foreigners and Chinese workers alike.
