China’s job market remained “generally stable” in the first half of this year despite the economic slowdown, the official Xinhua news agency said on Tuesday, citing the latest official data.
China added 7.25 million jobs in the first half of 2013, an increase of 310,000 from the year-ago period, according to the Xinhua report.
Yin Weimin, minister of human resources and social security, said during a meeting on Tuesday that the current slowdown is still within a "predictable range," but also noted that grim challenges lie ahead in creating enough jobs amid uncertainties both at home and abroad.
"Maintaining a steady job market will be a long-term and arduous task," he said, according to Xinhua. Yin added that labor supplies between the ages of 20 and 59 will peak around 2020.
The job data came on the heels of a batch of economic indicators that showed the growth rate of the world’s second-largest economy slipping to 7.5 percent during the second quarter – the ninth quarter in the last 10 that expansion has weakened.
The Chinese officials are concerned that a slowdown could put China at risk of rising unemployment and social unrest.
For the first half of this year, the registered urban unemployment rate stayed unchanged at 4.1 percent, according to Yin.
Moran Zhang is a finance and economics reporter at The International Business Times. Her work has appeared in the Wall Street Journal Digital Network’s MarketWatch, United...