A work fair in Beijing in 2022. China’s urban unemployment rate between 16 to 24 years, excluding students, was at a high level or 16.5% in March 2025, according to the data of the National Statistics Office.
Jade gao | AFP | Getty images
Beijing – High Chinese officials described plans on Monday to support jobs and help exporters, while hinting at the possibility of more stimulation in the light of growing commercial tensions with the United States.
In just a few weeks, Tit tariffs per eye between the United States and China have more than 100%duplicated, Force Chinese factories to stop production And tell some workers to stay at home. Exports have been a rare brilliant point in China’s economy, which has faced mediocre consumption pressure and a real estate drop.
“The stability of the labor market remains a critical concern for Chinese political leaders, given their direct link with social stability and consumption recovery,” Goldman Sachs analysts said in a report on Sunday. They estimate that around 16 million jobs in China are involved in the production of goods exported to the United States.
The authorities recognized on Monday the impact of commercial tensions on jobs on exporting companies. China has repeatedly emphasized that consumption is its priority for the year. But Monday’s press conference focused more on efforts to stabilize employment.
The informative session occurred after the Ministry of Human Resources announced Friday Subsidies for companies that hire recent graduatesBut not specifically an amount. The officials who speak on Monday spoke widely about the plans to promote business spirit, increase vocational skills training and better distribute salaries to workers in fields with “urgent” needs.
China will provide financial support for exporters to “have more confidence to take orders,” said Sheng Qiuping, Deputy Minister of Commerce, to Mandarin journalists, translated by CNBC.
He pointed out recent measures, together with the National Economic Planning Agency of the Development and Reform Commission, to help exporters sell products nationwide and reduce operating costs, such as rent.
Sheng spoke along with senior officials of the economic planner, the Central Bank and the Ministry of Human Resources.
In addition to existing employment pressures, A 12.22 million record Higher education graduates are entering the China labor this year, by 430,000 a year agoAccording to official figures.
China’s urban unemployment rate between 16 to 24 years, excluding students, was at a high level or 16.5% in March, agreed to data from the one from the National Statistics Office. That marked a fashion drop of 16.9% in the previous month. The general rate inemplaring for the population of working age in the cities It relieved 5.2% in March Of a maximum of two years or 5.4% in February.
The Popular Bank of China tends to reduce rates when the labor market seems soft, said Goldman Sachs analysts, citing a historical precedent. They predict that by the end of September, China will reduce policy rates by 20 basic points, while promulgating a 50 basic points for the reserve requirement ratio, or the amount of cash must have at hand.
More support could come
The comments of the Chinese officials on Monday followed a high -level Politburo meeting on Friday that he requested Specific measures to help companiesAnd he said that the Central Bank would reduce the rates as necessary.
China is confident that it can achieve its growth objective of the whole year of around 5%, and will introduce an incremental stimulus as macroeconomic situations change, Zhao Chenxin, deputy director of the Economic Planning Agency, changed to journalists.
He stressed that policies to increase consumption and establishment of a technological development fund at the state level would be implemented at the end of June.
Beijing has increased economic support since the end of September, but until now they have not accumulated in the large -scale stimulus that many investors have expected. The gross domestic product grew by 5.4% better expected in the first quarter for a year.
“We believe that policy formulators are waiting for more clarity about the tariff impact before committing to an internal stimulus,” said Louise Loo, the main economist of Oxford Economics, in a note on Monday. It is very likely that the gross domestic product of the second quarter “slows down, since exports they hesitate and more that compensate for the impulse behind the stimulus loaded investments.”
