China Needs to Create 100m Jobs in 10 Years: World Bank

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Last updated at: (Beijing Time) Saturday, December 15, 2001

China Needs to Create 100m Jobs in 10 Years: World Bank

China needs to create 90 million to 100 million jobs in the next ten years for people moving out of agriculture and those laid off by state-owned enterprises, a World Bank report said on Thursday.

China needs to create 90 million to 100 million jobs in the next ten years for people moving out of agriculture and those laid off by state-owned enterprises, a World Bank report said on Thursday.

The report, "China and the Knowledge Economy: Seizing the 21st Century", done on World Bank statistics, studies China's policy responses to the knowledge-based global market.

According to the report, Chinese cities create 5.5 million to 6.5 million jobs a year. But 8 to 9 million new jobs will be needed as many employees in state-owned enterprises, and others from small rural companies, will be laid off.

Yukon Huang, World Bank Country Director for China, said: "It's a challenge. But it's also an opportunity for China to take advantage of globalization to boost the economy and move more people out of poverty."

New jobs will be created mainly in service industries such as transportation, tourism and commerce, the report said. High value-added small private companies will also offer more jobs in sales, distribution, consultancy.

Source: China Daily

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