BEIJING: Top officials acknowledged Saturday that China needs to do more to boost employment and stabilize its property market. policy makers The struggle to revive the country’s battered economy.
Beijing has been struggling for a long time property sector crisisrecord youth unemployment And due to global recession the demand for Chinese goods is being affected.
Youth unemployment had reached an unprecedented 21.3 percent in mid-2023, before authorities stopped publishing monthly figures.
House prices have been falling for months, with many major property developers struggling to stay afloat.
And on the sidelines of a weeklong annual meeting of the country’s rubber-stamp parliament on Saturday, officials acknowledged the difficulties in reversing both trends.
Wang Xiaoping, Minister of Human Resources and Social Security, said, “The overall employment pressure has not eased, and there are still structural contradictions to be resolved.”
“A portion of workers face some challenges and problems in employment and need to make more efforts to stabilize employment,” Wang said.
But, he said Beijing is “confident about maintaining the continued stability of the employment situation”.
Housing Minister Nie Hong, in turn, told reporters that recovering the property market – which long accounted for about a quarter of China’s economy – remains a challenge.
“The task of stabilizing the market is still very difficult,” he said, pointing to state efforts to lower interest rates and reduce down payments.
But despite deep troubles housing marketHe stressed that Beijing’s “bottom line” of avoiding “systemic risks” in the property sector was maintained.
The issues of economy and security dominated the meetings held in Beijing this week.
On Tuesday, top leaders set an ambitious growth target of about five percent for 2024 — a target analysts said was ambitious given the headwinds plaguing the Chinese economy.
Prime Minister Li Qiang acknowledged that reading this objective would be “not easy” given the “protracted risks and hidden dangers” still present in the economy.
Investors have called on the state to take even bigger steps to shore up the flagging economy.
Beijing has been struggling for a long time property sector crisisrecord youth unemployment And due to global recession the demand for Chinese goods is being affected.
Youth unemployment had reached an unprecedented 21.3 percent in mid-2023, before authorities stopped publishing monthly figures.
House prices have been falling for months, with many major property developers struggling to stay afloat.
And on the sidelines of a weeklong annual meeting of the country’s rubber-stamp parliament on Saturday, officials acknowledged the difficulties in reversing both trends.
Wang Xiaoping, Minister of Human Resources and Social Security, said, “The overall employment pressure has not eased, and there are still structural contradictions to be resolved.”
“A portion of workers face some challenges and problems in employment and need to make more efforts to stabilize employment,” Wang said.
But, he said Beijing is “confident about maintaining the continued stability of the employment situation”.
Housing Minister Nie Hong, in turn, told reporters that recovering the property market – which long accounted for about a quarter of China’s economy – remains a challenge.
“The task of stabilizing the market is still very difficult,” he said, pointing to state efforts to lower interest rates and reduce down payments.
But despite deep troubles housing marketHe stressed that Beijing’s “bottom line” of avoiding “systemic risks” in the property sector was maintained.
The issues of economy and security dominated the meetings held in Beijing this week.
On Tuesday, top leaders set an ambitious growth target of about five percent for 2024 — a target analysts said was ambitious given the headwinds plaguing the Chinese economy.
Prime Minister Li Qiang acknowledged that reading this objective would be “not easy” given the “protracted risks and hidden dangers” still present in the economy.
Investors have called on the state to take even bigger steps to shore up the flagging economy.
(TagstoTranslate)Youth unemployment(T)Property sector crisis(T)Policy makers(T)Housing market