Politics
Xi highlights jobs concerns in speech released ahead of US vote BNN Bloomberg
(Bloomberg) — President Xi Jinping underscored the pressures facing China's jobs market in a newly released speech that depicted a period of turbulence for the world's No. 2 economy as officials try to halt slowing growth.
China is entering a period where strategic opportunities as well as risks and challenges coexist, and unexpected factors emerge, Xi said in his speech released Thursday, making a veiled reference to tensions with the United States and the transition from his country towards growth based on real estate.
Pressure on stabilizing growth and jobs will persist, the top leader added, in comments published by the ruling Communist Party's Qiushi magazine, ahead of U.S. elections that could redefine relations between China with the United States. Donald Trump has pledged to impose 60% tariffs on his country's biggest economic rival if he is re-elected.
While Xi made the remarks during a Politburo study session in May, China's propaganda machine often releases his speeches months or even years later in order to signal policy priorities. Investors are currently closely watching any signals from senior leaders, looking for signs of what fiscal support a group of lawmakers will approve next week in the next stage of China's stimulus rollout.
This article indicates that the unemployment rate may become a more important policy target than before, said Zhiwei Zhang, chief economist at Pinpoint Asset Management. I think this makes the budget deficit more likely to exceed 3% next year.
China's labor market has been battered by a prolonged real estate crash that has strained local government finances and triggered the country's longest deflationary streak since 1999. Widespread wage cuts and layoffs across financial sectors to technology have been one of the biggest obstacles to consumption. It's an issue that U.S. Treasury Secretary Janet Yellen has called on leaders to address as Beijing faces a growing wave of overseas tariffs.
Improving job quality has become an urgent desire of workers, Xi said in his May speech, as public discontent grew over the sharp economic downturn. According to the Chinese leader, declining birth rates, an aging population and the digitalization of the economy are all contributing to worsening structural problems that hamper employment.
Xi pledged to make full employment a priority goal and youth employment the focus of discussions at the May meeting. The government has introduced measures in recent weeks to support groups facing employment difficulties, such as one-off cash grants to struggling residents and an expanded student grant and loan program.
China's State Council also said it would provide certain social security benefits to college graduates who have not found stable employment two years after leaving school. The country launched a similar initiative in 2020, when the pandemic first hit.
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