Oddbean

Xi highlights China's employment woes in speech published before US vote ========== Chinese President Xi Jinping emphasized the challenges in China's employment market in a speech published on November 1, 2024; He noted that China is facing a period of strategic opportunities alongside risks and challenges, particularly in light of tensions with the US; Xi's comments come ahead of the US elections, where Donald Trump has proposed a 60% tariff on China if re-elected; Xi stated that stabilizing growth and employment remains a persistent pressure; The speech, originally delivered in May, signals a shift in policy priorities towards addressing unemployment; Chief economist Zhiwei Zhang suggested that unemployment may become a more significant policy target, potentially increasing the fiscal deficit above 3% next year; The job market is suffering from a property crash and deflation, leading to salary cuts and layoffs across various sectors; Xi pledged to prioritize full employment and youth employment, with recent government measures including cash handouts and expanded scholarships for struggling groups; The State Council will also provide social security benefits to college graduates who remain unemployed two years after graduation. #China #Employment #XiJinping #UsElections #Economy #Policy #Unemployment #Deflation #GovernmentMeasures #Tariffs https://theedgemalaysia.com/node/732393