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.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.
Italian company Enel will invest 18 billion euro for renewable energy sources in Africa.
Azerbaijani president said in a statement that Southern Gas Corridor project will supply neighboring and European countries for a 100 years
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
Experts state that the crisis poses risks to the region, which is significant for oil production and exports in the world.
Federal Reserve removes word 'patient;' interest rate increase expected within months. Yellen says timing of rate rise 'not decided,' but will come anytime after April; holds current rates at 0 to 0.25 pct.
Many emerging-market currencies have fallen against the dollar in recent weeks
Anticipated Federal Reserve interest rate hikes making dollar strong against most emerging market currencies, Deputy Prime Minister Ali Babacan says.
European Statistical Agency says slight decline fuelled by drop in production of durable consumer goods.
EU will use all its foreign policy instruments to establish strategic energy partnerships with producing and transit countries.
Dollar strength and waning investor confidence are driving the lira lower
Greece has already received two bailouts totalling 240 billion euros but fellow euro zone member Ireland said last week that it would have to negotiate a third programme.
The Ukraine crisis has tested the loyalties of Bulgaria, a Balkan country with historical ties to Moscow and heavily dependent on Russian energy supplies.