At the beginning of this year, the official target for the number of unemployed was set at 10 million or 4.5 percent. However the reality is far worse than that now. According to experts, the unemployment rate in China is estimated to be at 8 percent and could possibly reach even the 10 percent mark. They explain that even though there is a labor investigation system setup by the National Bureau of Statistic, the publicized number does not include those who are excess labor in the countryside, peasant workers who lost their jobs in cities such as regions of the Pearl or Yangtze River Deltas or the 12 percent of college graduates who are still looking for jobs.
Source: Radio Free Asia, December 20, 2008
http://www.rfa.org/mandarin/yataibaodao/zhong-12192008223343.html