No hard landing, rise in unemployment in 2015
By Jiang Xueqing | China Daily | Updated: 2014-12-16 07:23
One of China's top economists says the country will avoid a hard landing in 2015 because it does not face a high risk of unemployment or any worsening debt crisis, although both risks do exist as the economy slows.
Cao Yuanzheng, chief economist at Bank of China Ltd, said five years ago one percentage point of GDP growth created 1.2 million new employment opportunities, but today the same gain would create 1.8 to 1.9 million jobs.
Speaking on Saturday on the sidelines of the annual Sanya Forum in Hainan province, Cao said: "China hoped create 10 million jobs in urban areas this year and had achieved that number by September. If employment targets remain the same next year, a GDP growth of more than 6 percent will be enough."
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