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Economic restructuring to reduce unemployment


13:21, November 07, 2012

China's ongoing economic restructuring may help cut its structural unemployment, said Song Li, an economist with China's National Development and Reform Commission.
Speaking at the 7th China-Singapore Forum in Singapore on Tuesday, Song said both the economic restructuring and the adjustment in the education system are expected to help alleviate the structural unemployment.

Some of students are expected to favor technical education rather than universities, if they see that it is easier for students of technical education to find jobs than it is for than graduates, he said.

Song, who is the deputy director of the Institute of Economics Research, the Academy of Macroeconomic Research, the NDRC, said that a recent survey with employers also showed that the demand for graduates are increasing, while the demand for cheap labor is decreasing.

Nevertheless, he said, "it will take time (for the technical education to be favored by more students)."

China added 10.24 million jobs in the first three quarters of the year, which is more than the full-year forecast. But the country has been experiencing a shortage of cheap labor in the recent several years, pushing up the wages for low-skilled jobs. Meanwhile, some of the students with degrees find it difficult to find the jobs they want.

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