Following his return to China, from last week's World Economic Forum (WEF) meeting in Davos, Switzerland, Premier Li Keqiang announced a goal of 10 million new domestic jobs for this year at a meeting on Jan. 26, Monday.
China's second most powerful politician spoke before economic experts and corporate leaders coming from various industries. The purpose of the meeting, which lasted just under three hours, was to engage with stakeholders in regard to the government's policies and its 2015 Annual Work Report.
The premier explained that employment fulfillment continues to be the most important index for the government as it drafts China's economic-growth target. Numerous experts view China's slowed down economy, which has been dubbed the "new normal" by President Xi Jinping, as one that will slow further over the duration of 2015, by 0.4 percent to an overall 7 percent.
Li further explained that China is anticipating the emergence of a new urban labor force this year that consists of over 16 million individuals, while a rural labor force of 6 million will concurrently present itself. Therefore, the government needs to look at a job-creation figure that sits around the 10-million mark.
Li said that the government's greatest concern is "social instability" caused by a large unemployment pool within an economy that "cools down too fast." He cited the quantitative easing action from the European Union as a reason why China's economic policies are difficult to change, but asserted that change is important to "give the market a stable expectation."
Two further consultative meetings are scheduled before the premier delivers the Work Report before the National People's Congress in March.