China created 7.4 million jobs in first half of 2014

BEIJING: Urban China's employed population grew by 7.37 million in the first half of 2014, while the unemployment rate remained at 4.08 per cent, the government said today.

The increase was slightly higher than the 7.25 million new jobs added during the same period last year, strengthened in part by a nationwide scheme to help college graduates get jobs, Ministry of Human Resources and Social Security ( MOHRSS) spokesman Li Zhong said.

Around seven million students graduate every year in China.

Recent reports indicated that the rise in number of college graduates coupled with the slow down of Chinese economy affected the job market with young people complaining of not getting quality employment.

Li however claimed that a total of 5.60 lakh new graduates secured job offers during recruitment drives led by the ministry, which also attracted more than 200,000 private firms.

By the end of June, China's registered urban unemployment rate stood at 4.08 per cent, unchanged from the first quarter and slightly lower than the 4.1 per cent logged for 2013.

Today's steady employment figures came as the country's economy showed resilience in the first half, with growth momentum rebounding in the second quarter from the first.

Economic growth accelerated to 7.5 per cent in the April-June quarter from 7.4 per cent in the Jan-Mar period, the National Bureau of Statistics said in mid-July.

Ministry's latest data said that gross revenue of social insurance funds increased 13.5 per cent year on year to 1.71 trillion yuan (USD 277.6 billion) while gross expenditure totalled 1.48 trillion yuan, up 17.6 per cent from a year ago, state-run Xinhua news agency said.

China's social insurance funds include five elements - basic pension funds, basic medical insurance, unemployment insurance, work-related injury insurance, and maternity insurance