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[Sino-US.com]China’s employment condition in Q4 2017 improves as economy steadies: report
2018-01-17
341 次浏览
来源:Sino-US.com
编辑:文盈盈

Workers lay bricks to build a wall around a construction site in Beijing, China, December 15, 2017. Photo: Reuters

China continued to see improvement in overall employment condition in the fourth quarter of 2017 thanks in part to a steady economic growth and an increase in demand for manpower, according to a report by China Institute for Employment Research (CIER) under Renmin University of China and China’s leading job-hunt website Zhaopin.com released on Tuesday.

The CIER index, which evaluates the supply and demand condition in China’s job market, grew from Q3’s 2.43 to 2.91 in Q4, the highest point since Q1 of 2011 when the index was first released to the public in China. The CIER index for the first and second quarter of 2017 was 1.91 and 2.26 respectively, according to the report.

If the CIER index is above 1.0, it indicates that job supply outweighs demand, while the opposite if the index decreases to below 1.0.

While it was not a prime season to seek jobs, which caused a decrease in demand for jobs, there was an increase in demand for manpower, up 39% year-on-year, which to some extent contributed to the increase of the CIER index in Q4, according to the report.

Meanwhile, eight authoritative organizations have predicted that China’s GDP growth of Q4 could reach 6.7 %, said the report.

Internet and e-commerce sectors remained the biggest employment generators at 10.24, down from the 12.62 of Q3, while environment-related sector was the lowest with the index at only 0.73, meaning there is less than one post offered per applicant.

With China’s ongoing effort to upgrade traditional industries and promote supply-side reform, traditional industries such as printing, electronic power, and petrochemical were among the 10 sectors which have least job offers compared with new economy sectors, the report shows.

Job offers in financial sector decreased by 23% year-on-year. With the rising of AI technology and the development of FinTech (financial technology), many jobs in the traditional financial sector could be replaced by new technologies in the future, noted the report, adding that the strengthening supervision by Chinese government in financial sector could also affect employment conditions in this sector.

Among the leading Internet sector in terms of the job supply-demand ratio, online gaming has seen the most rapid growth in job vacancies, increased by 113% year-on-year, and online game companies in China’s less developed fourth-tier cities have the strongest demand on employees, up 1,200% on year, the report shows.

The report also includes employment conditions in different parts of China. While cities in the east part of China have seen the highest CIER index of 2.57, China’s rust belt, the northeast region, has the worst employment condition, with the CIER index down to 1.2 from Q3’s 1.42.

Vacancies in China’s western region, however, saw the most rapid increase by 81% in Q4, which should be attributed to the country’s Belt and Road Initiative helping create a trade volume of $785.9 billion with neighboring countries in the first three quarters of 2017, according to the report citing Chinese official data.

The CIER index for Wholly Foreign Owned Enterprises (WFOE) in China also increased in Q4 to 0.93 from 0.59 of Q4, though it still remains at the lowest level compared with China’s SOEs, joint ventures, and domestic private enterprises which have the highest CIER of 1.63.

Unlike a Sino-foreign joint venture, a WFOE can have greater control over the business venture in China and doesn’t have to involve a mainland Chinese investor.

But as it was just a quarterly report on the job market, specific reasons behind the slight increase in WFOE’s CIER index are still unclear, and further observation on the sector is needed before drawing a conclusion, Zeng Xiangquan, director of China Institute for Employment Research, told the sino-us.com.

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