China Facing Unemployment Issues

The United States isn’t alone when it comes to problems with unemployment. Currently, China has 24 million people looking for jobs. A top government official said that only about half of those people will be able to find work this year.

China Daily (Image: Flickr)

Compared to last year, China is having more problems finding work for its people.

“The shortfall between supply and demand (for work),” said Yin Weimin in the China Daily, “will become larger than last year due to the failure to create enough job opportunities.”

The poor global economy caused approximately 30 million factory workers in China to lose their jobs last year. No one really knows what the employment rate is in China or how many new jobs have been created due to the government holding that information as a secret. The Chinese government has claimed that unemployment in urban Beijing is below 4.5%.

To get the Chinese economy back on track, the government has spent more than $575 billion on a stimulus package. That has created some jobs for the people in China as much of the money has been used to sponsor construction work.