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Beijing / Bloomberg
China’s jobs market, which has weathered the economy’s slowdown so far this year, faces fresh challenges as the government plans to shut inefficient companies, according to a top official at the Ministry of Human Resources and Social Security.
The nation created 4.43 million new jobs in the first four months of the year, hitting 44 percent of the annual target of 10 million, Vice Minister Xin Changxing said in an online interview, according to transcript posted Tuesday on the central government’s website.
The nation’s burgeoning services sector has absorbed workers from struggling factories as top leaders stress that keeping employment stable is a primary priority. Challenges loom as demand for labor is waning, especially in the construction, steel and coal sectors — the key areas where reductions to excess capacity are targeted, Xin said.
“Downward pressure on the economy will definitely show up in employment,” Xin said. Yet so far, demand for labor has remained stable, with 112 vacancies for every 100 job seekers as of April, Xin said.
The ministry will focus efforts this year on helping 7.65 million college graduates find high-skilled roles, and assisting migrant workers from rural regions, Xin said.