As China’s economy is witnessing a steady recovery, the employment situation has remained stable on the whole. The stability has driven the relatively swift growth of wage income, ensuring the growth of per capita disposable income and boosting consumption. According to the recently released data by the National Bureau of Statistics, 6.98 million new urban jobs were created in China in the first half of 2021, accounting for 63.5 percent of the annual target. At the same time, the surveyed urban unemployment rate averaged 5.2 percent, lower than the expected 5.5 percent, down 0.6 percentage points from the same period in 2020.
Liu Aihua, the spokesperson of the NBS, said, “As the economy continues to recover steadily, the labor market continues to pick up, and job-seeking activity is also on the rise. What’s more, this year’s college graduates reached 9.09 million, another record high, putting huge pressure on employment.” According to the NBS, the total number of rural migrant workers was 182.33 million by the end of the second quarter, which recovered to the same period in 2019, the pre-COVID-19 level.
Furthermore, the net operating income grew 17.5 percent year-on-year(YoY) in the first half of 2021, with a two-year average growth rate of 5.6 percent. Wage income increased 12.1 percent YoY in the first two quarters, in contrast to a two-year average of 7.2 percent. “As the epidemic prevention and control situation gradually improved, business activities have gradually resumed, resulting in stable employment, which has boosted the per capita disposable income,” said Liu.
News Source: Economic Times