China allocates $6.71 bn to boost employment

[TaiShang]

China allocates $6.71 bn to boost employment China allocates $6.71 bn to boost employment
June 28, 2014

Employment in China was basically stable in the first four months of this year, with some 4.7 million new jobs created in cities, China’s labor ministry said last month [Xinhua]

China has allocated 41.8 billion yuan ($6.71 billion) to help local governments in boosting employment, China’s Ministry of Finance said on Friday.

The ministry said in a statement on its website that it, along with the Ministry of Human Resources and Social Security, asked local authorities to increase capital input and implement employment policies.

By the end of March, the country’s registered urban unemployment rate stood at 4.08 per cent, 0.03 percentage points higher than at the end of last year.

Employment in China was basically stable in the first four months of this year, with some 4.7 million new jobs created in cities, China’s labor ministry said last month.

A record 7.2 million Chinese students have left universities this year. But the job market faces pressure as China’s manufacturing sector is hampered by a slowing economy.

A new research report by the University of Michigan earlier this year has said the income gap between the rich and poor in China is among the widest in the world.

In 2010, the Gini coefficient for family income in China was about 0.55. A coefficient of 0.5 or higher indicates a severe gap between rich and poor, according to the report.

Meanwhile, according to the Hurun Global Rich List, China now has 358 billionaires.

 

[BigDaddyWatch]

China is going to allocate 41,8 billion yuan (6,71 billion dollars) to boost employment. Having these people to do what ? This is Keynesianism pur sang. This is money down the drain.

 

[LeveragedBuyout]

China allocates $6.71 bn to boost employment China allocates $6.71 bn to boost employment
June 28, 2014

Employment in China was basically stable in the first four months of this year, with some 4.7 million new jobs created in cities, China’s labor ministry said last month [Xinhua]

China has allocated 41.8 billion yuan ($6.71 billion) to help local governments in boosting employment, China’s Ministry of Finance said on Friday.

The ministry said in a statement on its website that it, along with the Ministry of Human Resources and Social Security, asked local authorities to increase capital input and implement employment policies.

By the end of March, the country’s registered urban unemployment rate stood at 4.08 per cent, 0.03 percentage points higher than at the end of last year.

Employment in China was basically stable in the first four months of this year, with some 4.7 million new jobs created in cities, China’s labor ministry said last month.

A record 7.2 million Chinese students have left universities this year. But the job market faces pressure as China’s manufacturing sector is hampered by a slowing economy.

A new research report by the University of Michigan earlier this year has said the income gap between the rich and poor in China is among the widest in the world.

In 2010, the Gini coefficient for family income in China was about 0.55. A coefficient of 0.5 or higher indicates a severe gap between rich and poor, according to the report.

Meanwhile, according to the Hurun Global Rich List, China now has 358 billionaires.

This is actually shocking news. If China's growth rate is already not sufficient to generate the necessary jobs, then such a small amount of stimulus spending will not make the difference. And if planned reforms slow the economy further, we could see the malaise of the West finally start to replicate itself in China. Not good.

 

[TaiShang]

This is actually shocking news. If China's growth rate is already not sufficient to generate the necessary jobs, then such a small amount of stimulus spending will not make the difference. And if planned reforms slow the economy further, we could see the malaise of the West finally start to replicate itself in China. Not good.

I guess the news states that the current pace of employment-creation is satisfactory and there is no such persistent unemployment threat.

I guess the stimulus is more surgical and targets rural employment prospectives. China's economy being a largely state-managed economy, timely and surgical responses will be awaited. Plus, this year is exemplary as being one of the years when record number of fresh graduates joins the workforce.

I guess 4.7 million new jobs generated this year so far is a very healthy number.