Core Viewpoint - The overall employment situation in China remains stable, with a slight decrease in the urban survey unemployment rate to 5.0% in May, reflecting the resilience of the job market amid economic challenges [1][2][4]. Employment Situation - The average urban survey unemployment rate from January to May was 5.2%, with May's rate showing a 0.1 percentage point decrease from the previous month [1]. - The unemployment rate for local and migrant workers was both recorded at 5.0%, while the rate for migrant agricultural workers was slightly lower at 4.9% [1]. - The unemployment rate in 31 major cities was also 5.0%, indicating a consistent trend across urban areas [1]. Economic Factors Supporting Employment - Economic growth and favorable industrial development have contributed to the stability of employment, supported by effective employment policies [2][4]. - In May, the industrial added value and service production index grew by 5.8% and 6.2%, respectively, maintaining overall stability compared to April [4]. - The retail and accommodation sectors showed significant growth, with production indices increasing by 8.4% and 6.2%, respectively, compared to the previous month [4]. Policy Measures - The government has implemented robust employment stabilization policies, focusing on both enterprise support for job creation and individual employment subsidies [5]. - These policies aim to balance labor supply and demand by incentivizing companies to hire and enhancing individual employability [5]. - Future efforts will focus on vocational training and improving labor market matching to promote full employment and enhance job quality [5]. Youth Employment - The youth unemployment rate has shown a continuous decline for three months, indicating a positive trend in youth employment [6]. - Despite this progress, challenges remain regarding the overall pressure on youth employment and structural issues that need ongoing policy attention [6][7]. - Initiatives targeting college graduates have been intensified, with various measures introduced to support their employment [7]. Importance of Stable Employment - Stable employment for youth is crucial for personal development, family financial security, and overall economic sustainability [8].

Group 1 - The core viewpoint is that industries less affected by trade are maintaining stable employment conditions [1] Group 2 - The Bank of Canada Governor Macklem highlighted the resilience of employment in sectors with minimal trade impact [1]

Economic Overview - In April 2025, the industrial added value above designated size increased by 6.1% year-on-year and 0.22% month-on-month, while the service production index rose by 6.0% year-on-year [1][3] - The total retail sales of consumer goods reached 37,174 billion yuan, marking a year-on-year increase of 5.1% and a month-on-month increase of 0.24% [1][3] Consumption Insights - The sales of products related to the "old-for-new" policy saw significant growth, with retail sales of home appliances and audio-visual equipment, cultural and office supplies, furniture, and communication equipment increasing by 38.8%, 33.5%, 26.9%, and 19.9% year-on-year, respectively [7] - Basic living and upgraded goods also experienced rapid growth, with retail sales of grain and oil, sports and entertainment products, and gold and silver jewelry increasing by 14%, 23.3%, and 25.3% year-on-year [7] Investment Trends - Fixed asset investment grew by 4% from January to April 2025, with equipment investment rising by 18.2%, contributing 64.5% to total investment growth [9] - Manufacturing investment increased by 8.8% year-on-year, driven by the upgrade of traditional industries and the development of emerging industries [9] - High-tech service industry investment rose by 11.3%, with professional technical services and information services growing by 17.6% and 40.6%, respectively [9] Employment Situation - The urban survey unemployment rate in April was 5.1%, a decrease of 0.1 percentage points from the previous month, with notable declines in unemployment rates among migrant workers and youth [14] - Despite overall employment stability, structural issues remain, particularly for the youth demographic and a mismatch in labor supply and demand [14] Real Estate Market - The real estate market showed basic stability in April, with some first- and second-tier cities experiencing increased transaction activity [15][17] - New residential sales prices in first- and second-tier cities remained stable month-on-month, while year-on-year declines in prices continued to narrow [17] - The demand for green, smart, and safe housing is expanding, indicating a positive outlook for the renovation of old communities and improvements in real estate construction quality [17]

Group 1 - The core viewpoint emphasizes the importance of promoting high-quality and sufficient employment as a new mission for employment work in the new era [1] - The Central Political Bureau meeting highlighted the need to stabilize employment, enterprises, markets, and expectations, and to continuously improve the policy toolbox for stabilizing employment and the economy [1] - Various regions and departments are actively implementing employment stabilization measures, focusing on key groups and sectors to enhance job opportunities [1][2] Group 2 - In the first quarter, 3.08 million new urban jobs were created, an increase of 50,000 year-on-year, with an average urban survey unemployment rate of 5.3%, lower than the expected control target [2] - The manufacturing sector saw an increase in employment, and certain service industries, such as accommodation and catering, experienced growth in job numbers [2] - Major engineering projects are being promoted to boost employment, with 2.16 million water conservancy projects implemented in the first quarter, creating 660,000 jobs [3] Group 3 - The service industry is identified as a significant employment reservoir, with training initiatives leading to job creation, such as 35,000 jobs facilitated by a home service company [4] - Online service sectors, including logistics and elderly care, have seen recruitment demand increase by 43%, 35%, and 17% respectively [4] - New industries and demands are generating new job opportunities, with the emergence of new professions in sectors like energy storage and electric vehicle maintenance [5][6] Group 4 - Local governments are implementing various employment stabilization plans, such as monitoring and supporting employment for poverty alleviation labor [8] - Companies are benefiting from employment policy incentives, with one company in Guangdong hiring 1,600 new employees and receiving over 1.24 million yuan in policy benefits [9] - Skills training programs are being expanded to meet job market demands, with thousands of individuals trained in key industries [10][11] Group 5 - Targeted measures are being taken to support key groups, such as recent graduates, with numerous recruitment events and job opportunities provided [12] - The national budget for social security and employment is set at nearly 4.5 trillion yuan, reflecting a 5.9% increase, to support employment initiatives [12] - The Ministry of Human Resources and Social Security is confident in maintaining overall employment stability through a well-prepared policy toolbox [12]

Group 1: Logistics Industry - In the first quarter, the total social logistics volume in China reached 91 trillion yuan, reflecting a year-on-year growth of 5.7% [3] - The logistics demand structure is continuously optimizing, driven by large-scale equipment updates and policies promoting the replacement of consumer goods [3] - In the industrial logistics sector, logistics demand for general equipment and specialized equipment manufacturing grew by 9.4% and 4.1% year-on-year, respectively [3] Group 2: Service Trade - In the first quarter, China's service trade experienced rapid growth, with total service import and export amounting to 19,741.8 billion yuan, a year-on-year increase of 8.7% [4][6] - The service trade deficit was 3,038.8 billion yuan, which is a reduction of 244.6 billion yuan compared to the same period last year [6] Group 3: Marine Economy - The marine GDP in China for the first quarter was 2.5 trillion yuan, showing a year-on-year growth of 5.7%, which is 0.3 percentage points higher than the overall GDP growth rate [8] - Key indicators in shipbuilding, including new ship orders, completed ships, and hand-held ship orders, remained stable within a reasonable range, maintaining a leading position in the international market [8] Group 4: Cultural New Business Formats - The cultural new business formats sector achieved revenue of 1,484.6 billion yuan in the first quarter, with a year-on-year growth of 12.5% [10] - This sector contributed 83.5% to the revenue growth of all large-scale cultural enterprises, with significant growth in areas such as smart drones for entertainment, digital publishing, and internet advertising services, which grew by 36.8%, 19.8%, and 16.4% respectively [10] Group 5: Employment Situation - In the first quarter, 3.08 million new urban jobs were created, an increase of 50,000 compared to the previous year [11] - The urban survey unemployment rate in March was 5.2%, a decrease of 0.2 percentage points from the previous month, indicating overall stability in the employment situation [11]

Core Viewpoint - The employment situation in China remains generally stable in the first quarter, with urban employment increasing by 3.08 million, a year-on-year increase of 50,000, indicating a faster pace than expected [1] Employment Situation - In the first quarter, 3.08 million new urban jobs were created, which is a year-on-year increase of 50,000 [1] - The employment pressure is rising due to external shocks, particularly from the U.S. imposing high tariffs, affecting some foreign trade enterprises and their operations [1] Government Response - The government plans to implement measures to stabilize the employment situation, including increasing job opportunities, enhancing policies, focusing on key sectors, improving skills, and optimizing services [1]

Core Viewpoint - Employment is crucial for people's livelihoods and the overall economy, and the government is committed to stabilizing and expanding employment opportunities this year [1]. Employment Performance - In the past year, China added 12.56 million urban jobs, with over 33 million people from poverty alleviation programs engaged in work, and the urban survey unemployment rate averaged 5.1%, a year-on-year decrease of 0.1 percentage points [2]. - Maintaining employment stability amidst external pressures and internal challenges is a significant achievement for a country with over 1.4 billion people [2]. Employment Challenges - The number of college graduates in 2025 is expected to reach a record high of 12.22 million, necessitating efforts to expand employment capacity [3]. - Structural employment issues are becoming more pronounced, with some individuals unable to find suitable jobs while certain sectors, such as domestic services and elder care, face a shortage of qualified workers [3]. Government Policies - The government is implementing a "combination punch" of policies to address employment challenges, including supporting labor-intensive industries, coordinating new technology applications with job transitions, and launching large-scale vocational skills training initiatives [3][4]. - Specific measures include focusing on stabilizing jobs in key sectors, providing support for vulnerable groups, and enhancing employment services for various demographics, including college graduates and veterans [8]. Economic Impact on Employment - A 1% increase in GDP can create over 2 million jobs, indicating a direct correlation between economic growth and employment stability [6]. - The government emphasizes the importance of improving employment-first policies and increasing resource allocation to drive job creation through industrial development [7]. Employment Services - Diverse and personalized employment services are crucial for matching talent with job opportunities and addressing employment barriers, which is essential for promoting high-quality and full employment [9]. - Local initiatives, such as specialized recruitment events and digital employment platforms, are being implemented to support job seekers and employers [8].