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| China frets over jobs, solidity of recovery |
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Thursday, June 04, 2009
BEIJING: The employment situation in China is still severe and the country’s economic recovery is not yet well grounded, the State Council, or cabinet, said on Wednesday, in the latest note of caution about the economy’s outlook.
The statement, released after a regular meeting chaired by Premier Wen Jiabao, underlines Beijing’s continuing concerns about potential bumps on the road to recovery, despite a series of recent economic data that suggest a rebound is on its way.
In the latest bullish figures, a pair of manufacturing surveys showed the industrial sector improved for at least the second month in a row in May. “The impact of the global financial crisis on China has not yet bottomed out; there are still many uncertain and unstable factors; and the economic recovery does not have a solid foundation,” the cabinet said, explaining why the employment situation remained challenging.
In the statement, issued on the government’s main website, www.gov.cn, the cabinet said it would redouble efforts to create jobs, especially in small firms and in the services sector. In the first four months, 3.65 million jobs were created in urban China, a smaller total than in the same period last year, it said.
The central government plans to spend 42 billion yuan ($6.1 billion) this year on creating jobs. The cautious note on the economy, despite signs of a recovery in investment growth, follows similar comments by the banking regulator and central bank over the past week.
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ISSN 1563-9479 
