China vows steps to support employment amid job creation pressure

China vows steps to support employment amid job creation pressure
FILE PHOTO: A woman looks at job advertisements on a wall in Qingdao West Coast New Zone in Shandong province, China January 17, 2019. REUTERS/Stringer   -  Copyright  CHINA STRINGER NETWORK(Reuters)
By Reuters

BEIJING (Reuters) – China will implement measures to support employment as it faces relatively large pressure to create more jobs, the state council, or cabinet, said on Wednesday, according to state television.

Chinese policymakers are keen to avert a sharper slowdown in the world’s second-largest economy that could cut more jobs and threaten social stability, analysts say.

Economic growth slowed to 6.2% in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting U.S. trade pressure.

“We should pay close attention to the employment situation of labour-intensive enterprises and establish an early warning mechanism for large-scale layoffs and unemployment risks,” the State Council said.

It pledged stronger measures to stabilise economic growth.

China will step up efforts to boost demand and support the economy, but will not use the property market as a form of short-term stimulus, a top decision-making body of the ruling Communist Party said on Tuesday.

(Reporting by Beijing Monitoring Desk; Editing by Clarence Fernandez)

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