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China allocates $6.71 bn to boost employment
June 28, 2014, 5:35 am

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]

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.

 

TBP and Agencies

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