China says priority is jobs, not growth target

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#1
Stability is the ultimate important for big country like China, and employment is the key for social stability...

China says priority is jobs, not growth target

BEIJING — China’s finance minister said today (March 6) that creating jobs is the government’s priority this year and economic growth below the official target of 7.5 per cent might be acceptable.

The economic target announced this week is “about 7.5 per cent”, which could mean growth might be lower than that, Mr Lou Jiwei said at a news conference during the annual meeting of China’s legislature.

Yesterday’s announcement that the growth target would be kept at last year’s level raised questions about whether Beijing can achieve it while also carrying out ambitious economic reforms.

Some analysts suggested the government might have to cut interest rates or take other steps to shore up growth, temporarily setting back efforts to make the economy more market-oriented.

“If this year’s economic growth isn’t 7.5 per cent — it is 7.3 per cent or 7.2 per cent — does that count as about 7.5 per cent? It can count,” Mr Lou said. “Employment is our most important goal.”

The employment target, also announced yesterday, calls for 10 million new urban jobs this year, and Lou said the economy might be able to create as many as 13 million.

China’s economic growth tumbled to a two-decade low of 7.7 per cent last year. The International Monetary Fund and private sector forecasters expect growth of about 7.5 per cent this year.

Keeping the growth target at 7.5 per cent is meant to “maintain market confidence and in part out of the concern that more notable slowing in the economy could hurt the labour market”, said JP Morgan economist Cui Tiange in a report. AP
Ref: http://www.todayonline.com/business/chin...wth-target
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#2
No more BS FDI that don't create jobs.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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#3
The irony is of course this has been the focus of the Chinese government for the past 30 years, and now it is not about jobs... it is about the QUALITY of jobs since the urban ratio is over the rural ratio for the first time in history.

GDP growth is the means to the end. Contrast that with India where GDP growth is the end game... you hardly hear them talk about job creation. That is why the wealth gap widened drastically and BJP lost the last election despite a booming economy.

Singaporeans would do well to learn not to bark up the wrong tree.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)
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