China’s labor market expected to climb in Q3
China’s labor market is expected to improve in Q3 2022, as job vacancies are slowly increasing due to the government’s control of the COVID-19 pandemic.
According to a report by China Institute for Employment Research (CIER) and Zhaopin.com, the containment of COVID-19 in June pushed job vacancies to increase by 17.73%, higher than the rise in applicants.
The CIER index, a measurement of China’s labor market, reflects the ratio of vacant positions divided by the total applicant and tracks the relationship between supply and demand.
Li Changan, a professor at the Academy of China Open Economy Studies of the University of International Business and Economics, told the Global Times that the rise of the index indicated improving jobs prospect, boosted by the rapid recovery of the national economy from the lingering impact of the pandemic in the second quarter this year.
Meanwhile, job applications grew faster than hiring demand in Q2, with the CIER index declining to 1.35 from 1.56 in the first quarter.
Moving forward, Changan stated that the government should continue to enhance financial support to the most affected industries like tourism and catering businesses, as well as small and medium-sized enterprises, which can absorb a large number of job seekers.
