China vows steps to support employment amid job creation pressure

31 Jul, 2019

Chinese policymakers are keen to avert a sharper slowdown in the world's second-largest economy that could cut more jobs and threaten social stability, analysts say.

Economic growth slowed to 6.2% in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting US trade pressure.

"We should pay close attention to the employment situation of labour-intensive enterprises and establish an early warning mechanism for large-scale layoffs and unemployment risks," the State Council said.

It pledged stronger measures to stabilise economic growth.

China will step up efforts to boost demand and support the economy, but will not use the property market as a form of short-term stimulus, a top decision-making body of the ruling Communist Party said on Tuesday.

Copyright Reuters, 2019

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