Question

• What is the present level of unemployment in China? Identify and explain any changes in the unemployment levels over the past five years.
• Plot the unemployment rates for the last five years on a line graph.

Answer 1

In 2020, the unemployment rate is projected to 3.8 percent.In 2019, the unemployment rate in China ranged at about 3.6 percent.The unemployment rate will drop to 3.6 percent in 2021(IMF projection).the unemployment rate in China has been fairly constant at around four percent over the last few years. This may be partly explained by the fact that due to its socialist heritage, full employment policy historically has played a major role in economic considerations of the Chinese government. Another possible explanation may be found in the index’s methodology, which, according to the National Bureau of Statistics, gathers only employment data for urban regions. The debate as to whether to adjust the methodology accordingly in order to create a more accurate statistical image is still ongoing among Chinese politicians and statisticians. A main concern in China’s current state of employment lies within the large regional differences. As of 2018, the unemployment rate in northeastern regions of China was notably higher than in China’s southern parts. In Beijing, China’s political and cultural center, unemployment ranged at merely 1.4 percent for 2018.

In 2015 unemployment rate was 4.05% and it decrease to lowest level of 3.62 % in 2019.Now due to the covid19 pandemics,according to IMF projections, the unemployment rate will increase to 3.8 percent.From the data we can see the unemployment rate is decreasing in the last few years.this id due to the economic development that china has achieved and still achieving.some of the reasons and steps taken are:

new internet economy and entrepreneurship

increasing GDP means more employment are creating.From 2015 to 2020 every one percent increase in GDP is expected to equal roughly 1.8 million new jobs

While increasing support for university graduates, veterans, migrant workers and those with employment difficulties, the country is conducting government-subsidized training on vocational skills and advancing vocational education.

The campaign of mass entrepreneurship and innovation will be strengthened, with easier loan policies adopted and more business incubators.launched a series of measures to boost employment, such as offering probation subsidies and secured loans for startups and reducing social insurance contribution.

To help stabilize employment, policymakers have made steps to alleviate company burdens, cut taxes and fees and lower the share borne by employers for the basic aged-care insurance of urban workers.

B)