Loading Posts...

China Sees Economic Challenges: Unemployment

President Xi is a Long-term Thinker Who Understands Trade

The unemployment rate in China has remained near historic highs as the world`s second largest economy continues to face new challenges from the economic and social shock of coronavirus. The urban unemployment rate rose to 6.0% in April from 5.9% in March, according to the National Bureau of Statistics. Despite the economy showing some signs of recovery, there are still some hurdles that must be overcome. Bureau spokesman Liu Aihua stated that there are policies that are being implemented to address the current economic issues.

These challenges can be daunting as China is a country of over 1.3 billion people. Covid-19 has now disrupted the global economy, with the death toll rising – globally 320,000 have died, while in China 4,600 have died. Lockdowns in the US have caused unemployment to rise to 14.7% with some estimates that it will rocket to 20.0% or more.

In China, jobs are created by small and mid-sized companies and in the first quarter, over 460,000 of these small firms shut down, while 3.2 million new companies opened. The number of new openings was down 29% according to government statistics. China leaders have made it clear that the May 22 start of the parliamentary meeting, an annual meeting, will put employment at its center this year to ensure that jobs are created to keep the masses working.

Avatar

Classiarius

The author didnt add any Information to his profile yet

Classarius is the only data driven news for blockchain, cryptocurrencies and technology from investment professionals.

Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

Classiarius Guest Posts
Classiarius allows guests to write articles on blockchain, finance, and analysis on technology, political risks and crpytocurrencies. You may include links to your previous content in your articles. Write Guest posts
Loading Posts...