Policymakers try to make jobless rate below 5% to keep society stable
Policymakers discussed the issues of jobless at the three-day Central Economic Work Conference which ended yesterday.
The jobless rate could rise next year from 4% this year because of massive job cuts. If the rate rises above 5%, social stability could be threatened, a senior lawmaker warned.
So the government at the conference discussed measures to create new jobs and maintain the existing unemployment rate during the global financial crisis as rate above 5% will lead to a series of negative consequences. What is more, the number of poor urban residents would increase and living standards in cities would decline.
As a result, in order to keep the jobless rate low, local government should promptly hire more urban residents instead of migrant workers so that losing jobs would force millions of migrant workers to return to their hometown.
Although we don’t want to see the things above happen, it is the only way to keep the jobless rate low currently.
Due to the falling demand overseas having forced many factories to close, the job market in the labour intensive exports sector shrunk in the third quarter of this year.
According to a survey, because of the global financial crisis, the job market will get a two-year recession in the first quarter of next year.
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