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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: More than 550,000 Chinese laid off by credit crisis in Q4: govt AFP - Wednesday, January 21 BEIJING (AFP) - - More than half a million Chinese people were thrown out of work in the last three months of 2008 as the impact of the global financial crisis deepened, the government said Tuesday. As of December 31, 8.86 million urban residents were registered as jobless, up 560,000 from the end of the third quarter, ministry of human resources spokesman Yin Chengji told a press conference. "It shows the impact of the international financial crisis on China's employment situation," he said. Partly as a result of the fourth-quarter jobless spike, the unemployment rate in Chinese cities rose in 2008 for the first time since 2003, according to data from the ministry. The urban jobless rate stood at 4.2 percent at the end of last year, up from 4.0 percent from the end of 2007, Yin said. The rise reflected an economy slowed down by the financial crisis, said Tang Min, deputy secretary of the China Development Research Foundation, a think-tank linked to the State Council, or Cabinet. The actual size of China's jobless population may well be much bigger than the official figure because it does not include millions of migrant workers and university graduates, Tang said, according to Xinhua news agency. "The figure looks all right, but the real situation could be much more serious," he said. Beijing has unveiled numerous measures to maintain and create jobs, including financial aid to companies and orders to state-run firms to ease on job cuts, after President Hu Jintao warned of a "grim" jobs situation in 2009. Despite the measures, the government has scaled down its ambitions, targeting the creation of nine million jobs this year, one million fewer than last year, said Yin. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China's Angang expects '08 earnings to slump 55 pctReuters - 21 minutes ago Gas deal threatens Ukraine's crisis-hit economyReuters - 46 minutes ago Gas flow via Ukraine to Slovakia resumes - ministerReuters - 51 minutes ago Russia gas deal to hit Ukraine's economy:officialReuters - 1 hour 34 minutes ago Related Articles: Business Russia eyes '09 budget deficit, '08 surplus shrinksReuters - 20 minutes ago China's Angang expects '08 earnings to slump 55 pctReuters - 21 minutes ago Toyota names founder's grandson as new presidentAFP - 21 minutes ago Two Merrill execs in Asia leave firm-sourcesReuters - 22 minutes ago German data fail to lift gloom as world waits on ObamaReuters - 23 minutes ago Enlarge Photo More than 550,000 Chinese laid off by credit crisis in Q4: govt Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed 'Overwhelming emotion' at star-studded inaugural concert 'Dogs don't wear condoms,' says Baywatch star Anderson Zimbabwe unveils $100 trillion banknote Faulty gene condemns millions in India to heart disease: study Fairy godfather invites disadvantaged to inaugural ball View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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