One of the most baffling features of China’s economic rise is that even with double-digit GDP growth, employment grew by a measly 1.8% annually, on average. Households, it seems, have largely missed out on the benefits of rapid development.
BEIJING – Chinese Prime Minister Li Keqiang recently cited job creation as vital to his country’s “ultimate goal of stability in growth.” His observation could not be more accurate. In fact, one of the most baffling features of China’s economic rise is that, even amid double-digit GDP growth, employment grew at a measly 1.8% average annual rate from 1978 to 2004. Households, it seems, have largely missed out on the benefits of economic development in China.
BEIJING – Chinese Prime Minister Li Keqiang recently cited job creation as vital to his country’s “ultimate goal of stability in growth.” His observation could not be more accurate. In fact, one of the most baffling features of China’s economic rise is that, even amid double-digit GDP growth, employment grew at a measly 1.8% average annual rate from 1978 to 2004. Households, it seems, have largely missed out on the benefits of economic development in China.