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Business / Economy

Li to let world in on jobs barometer

(Agencies) Updated: 2014-10-23 07:30

A monthly jobless rate could be a real barometer of the Chinese economy as GDP data are only released quarterly, Ding said. The survey is also directly conducted by the central statistics bureau, minimizing distortions by local officials to improve their performance, the economist said.

There might still be flaws. Migrant workers would usually go back to their rural communities when they are laid off during economic downturns, which would be seen as exiting the labor force and not reflected in the unemployment rate, Cai said. The statistics bureau has compiled the surveyed jobless gauge since 1996, providing it to top policymakers such as the Premier, Cai said, because "it fluctuated too much in different years and cities".

The rate was 9.6 percent in 2008, when coastal manufacturers were hit by the global financial crisis, according to Cai's estimate, which he said was close to the statistics bureau data based on checks with officials. In 2008 and 2009, the published registered rate ranged from 4 percent to 4.3 percent.

"After years of discovery, conditions are ready to publish the urban unemployment rate," the State Council said in a July 30 statement after Li held a regular meeting. The survey scope will be expanded, the methodology will be improved and statistics bureaus will publish the data "at the suitable time to fully and actively reflect the unemployment situation", it said.

Sheng said on Tuesday that the survey has been recently expanded to 65 cities and will be published after one year's observation.

Li to let world in on jobs barometer

Li to let world in on jobs barometer

China issues tax breaks to boost employment Working the numbers adds up for nation

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