Business / Economy

No mass redundancies expected from China's economic restructuring: Official

(Xinhua) Updated: 2016-02-17 17:25

BEIJING - Large-scale layoffs are not an expected byproduct of China's economic restructuring thanks to sound economic fundamentals and new growth engines, China's economic planner said on Wednesday.

China's economy will maintain a medium-to-high growth rate this year, providing a solid basis for a steady job market, said National Development and Reform Commission spokesperson Zhao Chenxin at a news conference.

He also cited advanced reform measures, mass entrepreneurship, innovation and stronger government support for employment as favorable factors that will help support the job market.

The economy recorded the slowest growth in 25 years in 2015, expanding 6.9 percent year on year, fueling concerns over job losses, especially in industries with excessive capacity.

Zhao acknowledged there would be redundancies in some industries but said the government would distribute funds to help workers reestablish themselves should they lose their jobs.

The registered unemployment rate in China's cities was 4.05 percent at the end of 2015, unchanged from three months earlier, latest official data showed.

China created 13.12 million new jobs for urban residents last year, exceeding the official target.

The government aimed to create at least 10 million new jobs and hold unemployment below 4.5 percent in 2015.

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