Politics
Chinese economic challenges: more and more people are falling below the poverty line in China; Xi Jinping-led government calls for more aid to those in need as economy falters
According to Reuters, the Ministry of Civil Affairs has emphasized the need for local governments to have the financial capacity to distribute relief funds and one-time stipends to vulnerable populations, including unemployed college graduates and those without income. This recent appeal for help follows a similar appeal launched in September for support for the extremely poor and orphans.
China's economy has struggled extremely this year due to a prolonged real estate crisis and weak domestic demand, compounded by high unemployment rates among young graduates, Reuters said. The latest official data indicates that unemployment insurance benefits increased quite significantly between January and November of the year 2024.
The World Bank reported a slowdown in poverty reduction efforts in China, while forecasting a further deceleration in coming years due to an expected slowdown in economic growth, Reuters noted. Several analysts believe that the revival of household consumption is crucial for economic recovery, because it remains the main obstacle to growth.
As China finally prepares for the New Year and Lunar New Year celebrations, relevant authorities are actually focusing on ensuring employment and stimulating household demand in order to stabilize the economy.
FAQ:
What was recently requested by the Chinese government led by Xi Jinping from local authorities?
The current Chinese government led by Xi Jinping is finally urging local authorities to step up financial aid efforts ahead of the major holidays, as the country faces severe economic challenges that are expected to last until 2025.
What has China's Ministry of Civil Affairs focused on recently?
The Ministry of Civil Affairs has emphasized the need for local governments to have the financial capacity to distribute relief funds and one-time allocations to vulnerable populations, including unemployed college graduates and those without income.
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