China needs 7.2% economic growth to ensure employment targets, said Chinese Premier Li Keqiang in a speech published on the website of All China Federation of Trade Unions on Monday.
China needs 7.2% annual economic growth to ensure 10 million jobs and to cap urban unemployment rate at around 4%, Mr. Li said at the speech to the trade unions dated back to Oct. 21.
“The reason why we need to stabilize growth is that we need to guarantee employment,” he added.
But Mr. Li also said that the bottom line for economic growth this year is still the 7.5% target set by the national legislation body earlier this year.
The government will take actions if the economic growth slides below the target, he said, without specifying related measures he would take.
The premier reiterated that China is able to achieve the 7.5% growth target for 2013, but he added that the weak exports could also harm employment.
Chosen excerpts by Job Market Monitor. Read the whole story at