Employment

This year, Chinese government put employment at the top of its priority list, as it said in the annual work report more than 11 million new urban jobs will be created. The surveyed urban unemployment rate should stay at around 5.5 percent and the registered rate should be within 4.5 percent.

Pan Xiangdong, chief economist at New Times Securities, told Securities Times employment has procyclical features, i.e. is closely connected with economy growth. Therefore, Pan noted, to stabilize employment is to support stable economic development.

According to Pan, China's economy continues to be faced with downward pressures caused by structural and cyclical factors, so the government's focus on stabilizing employment indicates China's attention is on stable economic growth.

As this is the first time the employment-first policy has been placed at a macroeconomic policy level, Pan said, the move reflects government's people-centered governing philosophy.