World Bulletin / News Desk
China's job market could turn for the worse and the government needs to step up efforts to create more jobs, Premier Wen Jiabao said in remarks published on Wednesday, underscoring official concerns about an economic slowdown.
"Currently and in the future, China's employment situation will become more complex and more severe," the official China Securities Journal quoted Wen as saying.
"The task of promoting full employment will be very heavy and we must make greater efforts to achieve it," he added.
Compared with 2008/09 when a sudden collapse of exports sent some 20 million Chinese migrant workers homebound, China's job market has remained relatively tight so far this year, partly reflecting the country's demographic shifts.
But job cuts could be on the rise as small- and mid-sized exporters are increasingly struggling with slackening orders, rapid wage increases and higher raw material costs.
Many college graduates are struggling to find jobs.
Maintaining social stability is crucial for Beijing as the country heads into a once-in-a-decade leadership transition.
Wen called for all levels of government to give top priority to job creation when they formulate economic plans and more jobs should be created during the process of economic restructuring and urbanisation.
"We need to maintain steady and relatively fast economic growth to help create jobs," Wen said.
A parliamentary meeting on Tuesday concluded that China's economic recovery is not solid, and that Beijing needs to boost investment to bolster flagging economic growth but spending must be adjusted to avoid waste.
China's annual economic growth slowed to 7.6 percent in the second quarter, just above the government's 7.5 percent full year target and the weakest quarter since Q1 2009 when the global financial crisis choked world trade flows and saw 20 million Chinese jobs axed in a matter of months.
EU Commissioner for Jobs, Growth and Investment and Competitiveness Jryki Katainen told reporters "we should forget this phrase" when asked if that meant granting market economy status to China.
Militancy has reduced revenue from oil industry by half, senior official says
The grant was signed Monday in Nairobi to mitigate impact of forced displacements on refugee hosting communities in East Africa
The EU Trade Commissioner Malmstrom made the comment while speaking to Chinese students in Beijing ahead of a China-EU summit.
Trade Ministers Meeting in Shanghai concludes with pledge to push efforts toward trade liberalization and facilitation
Brexit raises uncertainty for consumer, investor confidence, ratings agency says
Bank of England Governor Mark Carney eases lending rules after vote for Brexit
Banca Monte dei Paschi di Siena, or BMPS, is among the banks at the forefront of those concerns with gross bad loans amounting to 46.9 billion euros ($52 billion).
Fund to be used in support of education, health, municipal, socio-economic support for refugees in Turkey
Turkish Statistical Institute says energy prices drive fall in imports
Given all the uncertainty, investors were pricing in a chance of a rate cut with some analysts expecting the Bank of England to consider quantitative easing to cushion the economy
The Egyptian stock index was down 5.8 percent in early afternoon.
The pound sterling sees its lowest level against the the US dollar in over 30 years
A subsequent survey that included people of all ages found that somewhat older Americans also are skeptical of capitalism.