The recently released National Bureau of Statistics data for the first half of the year show the unemployment rate in urban areas has stayed at a relatively low level, between 4.8 percent and 5 percent. The newly released surveyed unemployment rate since April can better reflect the true situation of the labor market than the previous registered unemployment rate.
This suggests China’s unemployment rate is well under control despite the fluctuating global economy and the emerging trend of anti-globalization and protectionism in some economies.
The continuing low unemployment rate is a significant sign that China is on track to transition to a high-quality economy after effecting economic structural adjustment. According to NBS calculations, the employment elasticity coefficient in China’s primary and secondary industries, which indicates the labor absorbing capacity of an industry, is negative while that of the tertiary industry positive. It means the primary and secondary industries’ economic growth is negative to employment growth, while the growth of the tertiary industry is conducive to employment generation.