China’s Premier Promises Job Creation Efforts

As China’s economic growth dropped to a three-year low of 7.6%, Premier Wen Jiabao promised on Tuesday to launch new plans to prop up the job market. From Joe McDonald at the Associated Press:

Premier Wen Jiabao said Tuesday China’s employment situation “will become more complex and severe” and promised to generate jobs, according to a Cabinet statement, adding to suggestions Beijing might launch new stimulus efforts.

[…] China’s slowdown is due in part to government controls imposed last year to cool an overheated economy and inflation. But growth has decelerated faster than planned, raising the threat of job losses and possible unrest, after global demand for exports plunged last year.

[…] Tuesday’s statement said Wen promised to find jobs for university graduates — a key issue for the ruling party, because many graduates come from professional and entrepreneurial families that have benefited most from economic reform and are a key pillar of support for the party.

Read more about China’s economic stimulus plans via CDT.