China successfully achieved its goal by generating 12.44 million new urban jobs in 2023. However, the country’s human resources ministry emphasised the necessity for additional measures to support employment in the face of uncertain economic conditions in 2024. This information was shared during a press conference on 24 January, 2024.
Deputy director of the ministry’s employment promotion department said that the country’s economic situation will become less predictable in 2024 due to low social expectations. The department highlighted that the challenges of maintaining overall employment levels are expected to persist throughout 2024.
China emphasised a greater focus on key objectives, particularly enhancing assistance for youth employment, including college graduates, and broadening job prospects for this demographic.
In 2023, China aimed to generate approximately 12 million urban jobs. The specific job creation target for the current year is anticipated to be announced during the commencement of the annual parliamentary meeting in March.
China’s economy, the second-largest globally, expanded by 5.2 per cent last year, meeting the government’s goal. However, it faces challenges such as a prolonged property market decline, low confidence among consumers and businesses, and increasing local government debt.
A recent survey revealed that, due to uncertainties, businesses are hesitant to hire, causing the national unemployment rate to rise from 5.0 per cent in November to 5.1 per cent in December
In 2023, China’s average jobless rate improved to 5.2 per cent from 5.6 per cent in 2022. Some college graduates are taking lower-level jobs due to high competition, and youth unemployment reached a peak of 21.3 per cent in June. In December, the National Bureau of Statistics reported a 14.9 per cent jobless rate for 16–24 year-olds (excluding college students).