China's job market improves in Q1 2023, GDP grows by 4.5% YoY

A gradual improvement in employment situation was witnessed and it largely remained stable due to a smooth shift in COVID-19 response and effective policies to stabilise the economy, Chen Yongjia, an official of the ministry of human resources and social security, told a recent press conference.

Ministry data showed the urban unemployment rate dropped to 5.3 per cent in March, down from 5.6 per cent in February and also lower than 5.8 per cent a year ago, and the number of new jobs created in the first three months stood at 2.97 million, up by 120,000 year on year.

China aims to add 12 million jobs in cities this year and keep its jobless rate at around 5.5 per cent, a state-controlled news outlet reported..

China’s economy started well this year as the gross domestic product grew by 4.5 per cent year on year in Q1, picking up pace from 2.9 per cent in Q4 2022 and 3 per cent for 2022.

Manufacturing activity kept expanding for three consecutive months by March this year, according to the latest purchasing managers' index published by the National Bureau of Statistics.

Market confidence remarkably improved, with optimism shared by all surveyed industries.

Fibre2Fashion News Desk (DS)