SCIO briefing on China's economic performance in first quarter of 2023
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E-mail China.org.cn, April 28, 2023
Shou Xiaoli:
Due to time constraints, one last question, please.
The Beijing News:
Two figures in this year's employment season have received wide attention. The number of college graduates nationwide in 2023 is expected to reach 11.58 million. Additionally, the number of doctoral graduates and master's graduates will surpass the number of university graduates for the first time this year in Beijing. Based on the statistics from the first quarter of 2023, what's your opinion on the prospects for this year's job market?
Fu Linghui:
Employment is the cornerstone of well-being and is of great concern to people. According to this year's statistics, overall employment has improved. Based on our monitoring, workforce participation in the job market has risen steadily since the beginning of this year. The unemployment rate in March decreased markedly. Total employment increased from the same period last year, with year-on-year and month-on-month increases. With the economy's recovery, the level of activity in the job market has increased gradually. Regarding the unemployment rate, the surveyed urban unemployment rate nationwide in March was 5.3%, down a 0.3 percentage points from the previous month. The main features are as follows:
First, the unemployment rate in most of the labor market has dropped markedly. As the economy rebounds, enterprises need more labor, and the number of market entities in active operation has been growing, contributing to the improvement in employment. In March, the unemployment rate among those aged between 25 and 59 was 4.3% and fell by half a percentage point from the previous month, lower than the same period in 2019.
Second, the employment of rural migrant workers has improved at a faster pace. Since the beginning of this year, the number of rural migrant workers nationwide has continued to increase. Under the joint influence of economic recovery and pro-employment policies, the employment rate of migrant workers has improved notably. In March, the unemployment rate of rural migrant workers stood at 5.3%, down a 0.7 percentage points from the previous month. The construction, wholesale, and retail sectors, where many rural migrant workers are employed, have recovered well, playing a significant role in driving the employment of rural migrant workers.
Third, the unemployment rate in large cities has dropped steadily. Affected by the epidemic last year, the unemployment rate in 31 large cities stayed at a relatively high level. Since the beginning of this year, the unemployment rate in 31 large cities has decreased as the economy has improved. In March, the surveyed unemployment rate in 31 large cities dropped to 5.5%.
However, we should also acknowledge that the youth unemployment rate has increased. In March, the unemployment rate of young people aged 16 to 24 was 19.6%, up 1.5 percentage points from the previous month. Structural employment problems are prominent. The youth unemployment rate is rising because this year's fresh college graduates have started entering the labor market to seek employment.
In the next stage, although the youth unemployment rate is rising, it is expected to gradually improve as the economy recovers and the demand for labor expands. This year, among those aged 25 to 59, the majority of the labor market, the unemployment rate is lowest for those who have received higher education. That implies that as college graduates enter the labor market, the youth unemployment rate will gradually decrease, and the overall situation will improve. Generally speaking, the positive momentum of employment is expected to continue. Of course, we should also pay attention to certain structural problems, such as the youth unemployment rate, and efforts should be made to strengthen support for the employment of young people, especially college graduates. This will promote the sustained improvement of employment. We should also move faster to upgrade industries to provide more high-quality jobs.
Thank you.
Shou Xiaoli:
Thanks to Mr. Fu Linghui and friends from the media. Today's briefing is now concluded. Goodbye.
Translated and edited by Wang Yiming, Wang Qian, Cui Can, Wang Wei, Zhang Jiaqi, Zhou Jing, Liu Caiyi, Liu Sitong, Duan Yaying, Dong Qingpei, Yuan Fang, Zhang Rui, Huang Shan, Xu Kailin, Wang Yanfang, Li Huiru, David Ball, Tom Arnsten, and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.
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