Follow us on:   

China’s unemployed graduates swell to 3mn
August 5, 2013, 9:30 am

[Xinhua]

China’s official unemployment rate stood at 4.1 per cent at the end of June [Xinhua]

The number of unemployed graduates in China has reached three million this year putting increasing pressure on the labour market, according to the Chinese Ministry of Human Resources and Social Security.

“With nearly seven million graduates this year, and adding on the unemployed students from previous years, the number of graduates struggling to find jobs before leaving school is estimated to have reached over three million”, said Wang Yujun, a Ministry official.

The job market is unable to fulfill the demands of job hunters, with 30 per cent of new job vacancies coming from the retired, according to Professor Deng Dasong of Wuhan University.

China’s official unemployment rate stood at 4.1 per cent at the end of June.

The Asian nation’s GDP growth slowdown has not affected the country’s job market, latest data shows.

China added 7.25 million jobs in the first half of 2013, an increase of 310,000 from the number seen during the same period last year.

“Addressing employment-related challenges remains an arduous task,” a ministry spokesman said in July.

The International Monetary Fund (IMF) said the outlook for global job creation remains a major concern earlier this year.

A report by the European Commission’s office for Employment, Social Affairs and Inclusion in January indicated that unemployment in some countries has reached record levels with nearly 19 million people jobless in the eurozone.

With inputs from Agencies