China.org.cn | December 3, 2024
Nanfang Daily:
This year's graduation season has already passed. Based on employment data, how does the NBS assess the current job market? What policies and measures will be taken to advance high-quality employment? Thank you.
Sheng Laiyun:
Thanks for your questions. Employment is a common concern, directly connected to people's incomes and consumption. The CPC Central Committee attaches great importance to it. Since the beginning of this year, a number of policies have been introduced to stabilize employment, especially for college graduates. Lately, a special document has been issued to boost the high-quality development of employment, and local governments are stepping up efforts to implement it. From our statistics, two features are comparatively obvious.
Employment has been generally stable, although there is pressure on the total volume of employment. Just now, I stated some data on the surveyed unemployment rate, which was sampled survey data conducted by our department. The urban surveyed unemployment rate stood at 5.1% in the first three quarters, specifically, 5.2% in the first quarter, 5% in the second quarter, and 5.2% in the third quarter. Overall, employment remained stable. The data from the third quarter was higher than that in the second quarter due to seasonal factors, such as the graduation season in July and August. What made overall employment maintain stable in our country? There are several reasons. In addition to what I have just said about the high importance attached to employment by Party committees and governments at all levels, we have adopted a series of strong policies to support employment. We also enjoy institutional advantages and benefit from some fundamental factors. As for the latter, I think there are three fundamental factors that support the overall stability of employment in our country.
First, the economy continues to grow. In the third quarter, GDP grew by 4.6%, compared to 4.9% in the same period last year. Although the growth rate fell year on year, the actual GDP increment expanded. For example, this year's third-quarter GDP exceeded last year's by 1.2934 trillion yuan. This substantial GDP growth has driven an increase, rather than a decrease, in overall labor demand - a key economic indicator.
Second, structural transformation is underway. Since the 18th CPC National Congress, China's economic structure evolved continuously. One notable change is the service sector's growing share of GDP. Since 2015, the service sector has accounted for over 50% of GDP, reaching around 55% last year. In the third quarter of this year, the service sector comprised 54.4% of GDP, up 0.4 percentage point from the same period last year. What benefits has the growth of the service sector brought us? It enhances employment flexibility. Since the service industry is mostly labor-intensive, it has a strong capacity to generate jobs. Consequently, this structural transformation has expanded our economy's ability to create employment opportunities.
Third, the demographic structure is changing. Since the 18th CPC National Congress, China's population structure has undergone significant changes. Most notably, the working-age population (ages 16-59) has been declining. From 2013 through last year, this demographic decreased by approximately 5 to 6 million people annually on average, with a net decrease of about 10 million people last year. This trend fundamentally affects overall labor dynamics. With demand increasing and supply decreasing, the overall employment situation has maintained relative stability. This provides inherent support for our national unemployment surveys and overall employment situation. Looking ahead, I believe these demographic factors will continue to play a role. Therefore, while overall employment levels face certain pressures, the foundation for general stability remains robust.
We also confront a pronounced challenge in the form of structural mismatches within our labor market. On the one hand, youth unemployment remains relatively high, creating substantial pressure on that demographic. On the other hand, however, we also observe difficulties in recruitment in the manufacturing sector. Particularly, there is a shortage of skilled workers on the frontline of some manufacturing industries. Thus, structural mismatches represent a defining characteristic of our current labor market. In the future, we need to promote full employment and advance high-quality employment development. We must leverage our strengths to continue driving stable economic development, creating more job opportunities, while gradually addressing structural issues within our development process to ultimately achieve full employment and promote high-quality employment development.
Thank you!