Xi Jinping Concedes China’s Job Market Is in ‘Chaos,’ Demands Underlings Fix the Economy

Chinese Communist Party dictator Xi Jinping acknowledged at a Politburo meeting on Monday that China’s jobs market is in “chaos.”

He ordered his subordinates to create “full and quality jobs” by developing “new sources of employment growth” but offered few hints about how they should tackle this enormous task.

President Xi Jinping’s remarks after the Politburo “study session” in Beijing were unusually frank about the chaotic state of the Chinese economy. Claimed Chinese state media has reported that the country is recovering rapidly from the Wuhan coronavirus pandemic and said critics are spreading inflammatory propaganda on behalf of hostile Western countries. Claimed Just a month ago, he said sensible policy actions had “stabilized” the job market.

In March, the national Global Times While Xi has claimed that China’s job market is surging with high demand for “artificial intelligence (AI)” workers, he specifically noted on Monday that AI-related jobs are not being created as quickly as hoped because the industry is taking longer than expected to mature.

Xi Jinping himself has previously stated He argued that “steady progress was being made, step by step,” and that the public just needed to show a little “patience.” Meanwhile, youth unemployment had become so severe that the Communist Party stopped publishing unemployment reports.

dictator Ringed On Monday, Xi was slightly less optimistic after his Politburo speech was preceded by a scathing lecture on the job market from Mo Rong, director of the China Academy of Labor and Social Security, a government think tank.

“We must vigorously develop new entities and new business models, actively cultivate new jobs, and develop new sources of job creation,” Xi declared.

“The process of quality development should be a process of creating more and better jobs, and that development should better promote employment,” he said. “Employment discrimination, non-payment of wages and social security contributions, illegal dismissals and other disruptions must be effectively addressed.”

President Xi said people should be taught to have a “correct view on employment”, appearing to say Chinese businessmen should focus on creating jobs rather than pursuing profits.

“We need to do a thorough analysis of why there are labour shortages in some industries. We can start by solving the problem of ‘there are labour shortages in some occupations’ and then move on to the problem of ‘some people don’t have work,'” he advised.

Xi’s remarks were so filled with vague platitudes that it was hard to see them as anything other than a PR blitz aimed at China’s young people, who will likely not be pleased that a record 11.79 million college graduates are entering the workforce this summer and are facing a shortage of high-paying, high-skill jobs.

China’s youth unemployment rate is officially 14.7%, but the Communist government has a history of falsifying figures and withholding raw data, so the actual figure is likely much higher. Job creation has reportedly increased in the past quarter, but the gains are not as big as the flood of new graduates that came in over the summer.

The People’s Bank of China (PBOC) is the state’s central bank. Published A survey in early May found that nearly half of urban residents described the job market as “uncertain.” People with jobs are trying to minimize debt and grow savings accounts, meaning the economy isn’t experiencing the surge in consumer spending needed to jumpstart job creation.

The People’s Bank of China survey also found that 42% of respondents believe the economy is “slowing” rather than recovering. Seventy percent said their income has stagnated. Just a quarter said they plan to “increase spending” in the coming months.

Young Chinese Job Seekers report Disillusioned and frustrated, after applying dozens of times without receiving a penny, they are keenly aware of the contrast between their struggles and the ease with which their parents and grandparents found good jobs in the booming economy of the past.

More and more young people are abandoning the labor market and insteadFull-time childrenThese “young women” live with their parents and are paid to help with simple household chores.