China’s 2020 goals for jobs creation, inflation show pragmatism: experts

By Wang Bozun Source:Global Times Published: 2020/5/22 9:53:34


China's goal to create 9 million jobs and keep the inflation rate at 3.5 percent reflects the pragmatic view of the challenges faced by the country amid the COVID-19 pandemic and urgency among policymakers to address issues such as unemployment and rising consumer prices, Chinese experts said on Friday. 

China is planning to create 9 million jobs in 2020, as the country seeks to stabilize rising unemployment, which is essential to social stability amid serious pressure from the COVID19 pandemic, the Government Work Report said on Friday.

Newly created jobs in 2020


Chinese Premier Li Keqiang delivered the report on Friday to the opening of the annual session of the National People's Congress, China's top legislative body.

"Under pressure brought by the COVID-19, the government's decision to stabilize employment shows China's confidence to overcome this pressure," Li Chang'an, a professor at the University of International Business and Economics' School of Public Administration, told the Global Times.

China has nearly 300 million migrant workers, and around 8.74 college million graduates this year.

"However, being confident doesn't mean it's going be an easy task," Li said, adding that "there are still much to be done, and China has introduced a series of policies, including setting employment as a top priority to ensure the stability of the job sector. All of these measures show China's determination to stabilize the job market."

Also in the Government Work Report, China said it would keep the inflation rate at 3.5 percent for the year, the highest level since 2015.

CPI 2020


Such a CPI increase could help the country balance policy priorities to stabilize livelihood and leave sufficient room for monetary policy, Li said.

In the first quarter, China's CPI rose to 4.9 percent year-on year, according to official data.

"With China's expanding financial and monetary policies, it is an appropriate CPI target for economic stimulus," Li said.

Posted in: ECONOMY

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