FORTUNE may receive compensation for some links to products and services on this website. Will cities survive? hide caption. According to the government work report, China will give priority to stabilizing employment and ensuring living standards this year, aiming to add over nine million new urban jobs and keep the surveyed urban unemployment rate at around 6 percent. It could still eke out growth this year, China is really worried about unemployment.
"The factory I usually go to in previous years could easily hire 2,000 people. They cannot possibly pay all their workers when they have no orders going out and no imported goods coming in," says Yan. The 26-year old tech worker spent the last year jumping from one startup, Last year "already felt like living in a hell mode," Wang told CNN Business in a telephone interview. However, with the economy badly struggling, Yan says hourly salaries have dropped, some by more than 35%. Ten years ago, Yan left her own village near the small city of Zhumadian in Henan province for the first time and joined the migrant workforce. For comparison, the world average in 2019 based on 182 countries is 7.04 percent. Unemployment insurance is only available to those who have paid into public funds for more than 12 months along with contributions from their employers.
"My daughter just returned to the village! Harvests yields this year have been about four-fifths what they were last year.
Emily Feng/NPR Freshly shorn stalks of wheat outside Zhumadian, Henan province. Emily Feng/NPR Here are 3 standouts, Congress and Trump to restart stimulus negotiations as $300 unemployment benefit expires, Covid-19 scientists flag key immune function as a turning point in life threatening cases, Where the 4 major coronavirus vaccine candidates currently stand, CA Notice at Collection and Privacy Notice, http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. Even before the coronavirus outbreak, Wang said offers were drying up. Job seekers aren't optimistic that the situation will improve soon. He asked CNN Business to not use his entire name because he didn't want friends or family to know the details of his unemployment — a fear echoed by others in China who spoke about losing their jobs. However, official data shows that 19.3 percent of job seekers between 20 and 24 with at least a college degree were unemployed in June, up 4 percent from a year ago. Data from Beijing is notoriously opaque, and the official unemployment rate — which only tracks jobless numbers in urban areas — has barely moved beyond 4% to just over 5% for years.
"There were already signs last year [of mass unemployment], but this year it's getting worse, " Wang said. But authorities still have a tough task ahead of them as they try to help others who have lost their jobs.
His extended clan is now relying on the wheat harvest for some spending money.
All rights reserved. She's not alone, Covid-19 is driving millennials out of cities and into first homes, China's economy just shrank for the first time in decades. The unemployment rate in China and other countries is defined as the number of unemployed people as percent of the labor force. Even Zhang, the state think tank economist, floated a similar proposal.
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