2008 was a record year for China’s unemployment rate. A total of 250 million people are currently out of a job. Many of the 6 million college graduates will find it harder to find work this year. Affected by a strong Chinese Renminbi and rist in the cost of materials, many export-oriented companies have gone bankrupt. Due to a central government policy of eliminating ‘backward’ businesses, state owned companies were being closed at a peak rate.
In a recent estimate by Tian Chengping, former minister of China Labor and Social Security Ministry, in 2008, China’s unemployed population will reach 50 million in urban areas and 200 million in rural areas.
Source: China New Digest, July 9, 2008