The Strategist

Unemployment in China hits 5.6 percent

03/15/2023 - 09:07

China's registered unemployment rate was 5.6% in January-February 2023, reports China's state statistics bureau.

"The official urban unemployment figure for January–February 2023 was 5.6 percent. The official urban unemployment figure for February was 5.6 percent, up 0.1 percentage points from January," according to the agency's report.

The unemployment rates for people in the age categories of 16 to 24 and 25 to 59 were 18.1% and 4.8%, respectively. Chinese citizens were working 47.9 hours a week on average.

The National People's Congress (NPC) annual session opened with a document outlining the government's work goals, which say that by the end of 2023, the unemployment rate will be around 5.5%, and 12 million new jobs will have been created.

China surpassed its goal of 11 million jobs produced in 2022 with 12.06 million. Although the State Bureau of Statistics of China has not yet provided the full-year unemployment rate for 2022, it was in line with the official forecast of 5.5% because the 11-month average unemployment rate, as reported by previously released data, was 5.6% in November and 5.5% in December.