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China pledges 45 mln jobs in 3 yrs

By Yang Jinghao (Global Times)

08:22, February 09, 2012

The nation aims to create 45 million jobs and bring the annual urban unemployment rate under 5 percent by 2015, amid a lower pace of economic development and change of its growth pattern.

The Employment Growth Plan (2011-15), issued yesterday, is also committed to favorable policies aimed at encouraging small- and medium-sized enterprises (SMEs) to generate a greater number of jobs.

The employment situation is set to become much more complicated in the years to come, due to an increasingly prominent structural problem that has resulted in the labor force supply not meeting market demand.

The blueprint came amid a slowdown in Chinese economic growth. The country's GDP expanded by 9.2 percent in 2011, down from 10.3 percent in 2010, new figures released by the National Bureau of Statistics last month showed.

In the fourth quarter of 2011, economic growth slowed to a 10-quarter low of 8.9 percent year-on-year, according to the bureau.

A total of 57.71 million jobs were created in urban areas, and 45 million people in the rural surplus labor force were transferred to new jobs in cities during the 2006-10 period, when the urban registered unemployment rate hit 4.1 percent, official data shows.

Yao Yuqun, a professor of labor and human resources at Renmin University of China, told the Global Times that the unemployment rate target set for the 12th Five-Year Plan period reflects the huge pressure on the job market, but is achievable.

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helen at 2012-02-09203.82.82.*
A monumental task but achievable for China under the CPC!What China sets out to do, it will succeed despite obstacles and sabotage placed in its path by that across the Pacific.The China system and model will be exemplary to all developing sovereign nations.

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