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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (374)	8/16/2003 1:44:26 PM
From: RealMuLan	Respond to of 6370

About 24 million in need of work China needs an additional 24 million jobs for its unemployed urban residents, the Ministry of Labor and Social Security said yesterday. Speaking in Beijing, a ministry spokesperson said the figure includes about 10 million young urban residents who were added to the urban labor market earlier this year, 6 million workers laid off from state-owned and collectively-owned firms and nearly 8 million jobless residents registered with government labor agencies. But experts said China's growing economy could add only about 10 million jobs this year, if the national economy grows at about 7 percent this year. That means there will be an oversupply of labor of 14 mil-lion people in urban China. The situation may be made even worse as some of China's tens of millions of farmers compete with urban residents for jobs. At the end of June, the urban unemployment rate stood at 4.2 percent, up 0.2 percentage points over the end of last year, and 0.4 points over the same time of last year, according to the labor ministry. The ministry said that the urban registered unem-ployed people reached 7.95 million at the end of June, 250,000 more than the end of last year and 620,000 more than the same time last year. Northeast China's Liaoning Province reported an unemployment rate of 7.8 percent while the rate in Heilongjiang Province reached 5.1 percent. Some 4.41 million people enjoyed government unemployment insurance by the end of June, a year-on-year rise of 19.5 percent, the ministry said. This year in urban areas of China about 24 million people need jobs, among which 10 million are new-comers in the job market and 6 million are laid-off workers. The central government set a target of creating jobs for 8 million jobless urban residents earlier this year, helping 4 million laid-off workers find jobs, including 1 million in their 40s and 50s. A ministry official said it is possible for China to keep the registered jobless rate at or below 4.5 percent in the urban areas, citing fast economic growth and substantial efforts made by governments at various levels. About 18.3 million workers laid off by state-owned enterprises have found jobs during the past five years, according to the ministry. Most of them are employed by the service sector and private companies. Their reemployment made it possible for China's state-owned sector to undergo strategic restructuring in the past five years as the country shifted from a planned economy to a market economy. The number of employees at the country's state-owned sectors totals 50 million at present, as against 71 million five years ago. (Xinhua) english.eastday.com