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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.



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