The overall employment situation in China has largely improved since the beginning of the year, but more needs to be done with regard to youth employment.
Photo by Wang Yu
By WANG Yu
Urban unemployment in China stood at 5.2 percent in April, down 0.1 percentage points from March. However, unemployment among those aged 16-24 rose to 20.4 percent, up 0.8 percentage points, a new high since reporting began in 2018.
Speaking at a press conference, the National Bureau of Statistics' FU Linghui, said that the employment situation has generally improved since the beginning of the year, but more needs to be done to stabilize and expand youth employment.
Fu said that structural issues persist, with the number of college graduates hitting a new high and youth unemployment remaining high. When new policies take effect, the situation for young people will improve.
The situation has improved in three areas. Urban unemployment has dropped for the past two months and is now approaching pre-pandemic levels. Core unemployment has stabilized among those aged 25-59 at a lower rate than in 2019. The employment rate for migrant workers has improved to 5.1 percent in April, close to the normal level.
Fu emphasized that current low prices will be temporary and there is no deflation in the Chinese economy. He noted that the decline in the consumer price index this year is mainly due to short-term factors. The temporary downward trend in some industrial products will continue.
However, as the domestic economy recovers and market demand improves, PPI for industrial products is expected to rebound.