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China Fears Jobless Rate Hike

Minister of Human Resources and Social Security alerts local authorities to “closely monitor the impact of changing economy that may have on employment.” His directive was made during his visit to Guangdong, one of the fastest growing regions in China. According to Shenzhen job market statistics, the number of employers hiring started to decrease in the 2nd quarter 2008. It was down 30% in 3rd quarter comparing to the 2nd quarter. On the other hand, job seeker increased close to 40 percent in the past 4 months.

Earlier release from National Development and Reform Commission shows that over 67,000 enterprises of small and medium sizes closed down in the first 6 months of 2008.

Source: China Federation of Trade Unions, November 6, 2008
Xinhua, September 8, 2008