China has emerged as a global economic power. How has the world’s largest emerging economy fared on the employment front, when unemployment rates remain high in the developed world?
For elite graduates seeking to make their way in the world’s second largest economy, things are looking great.
But how are things looking to the majority of job seekers in China? Not bad either, according to the Ministry of Human Resources and Social Security.
In just 8 months, China has already created over 9 million new jobs in urban areas across the country in 2012. That was the goal set for the whole year. Meanwhile, China’s unemployment rate has been holding steady at just above 4%. And as China continues its massive urbanization drive, official data shows that 45 million people in the rural surplus labor force were transferred to new job positions from 2006 to 2010.
And much of those achievements, experts say, can be attributed to the country’s employment boosting policies.
And for both job seekers and providers looking to get what they wanted in the market, they are already feeling the change.
But as China has yet to completely shake off its dependence on export-oriented growth and the world economy still struggling to pick up the pace, problems remain.
As part of its 12th Five Year Plan, China aims to create 45 million jobs and keep the registered urban unemployment rate under 5 percent from 2011 to 2015. Despite the challenges, the country is already off to a good start and looking to make a great finish.