Shanghai aims to create at least 200,000 new jobs in the second half of this year, the city authorities announced Wednesday.

The new target aims to keep Shanghai's registered unemployment rate at less than 5 per cent.

By the end of June, it had already reached 4.85 per cent, with the total number of unemployed labourers climbing to over 294,000, latest statistics show.

Jiao Yang, a municipal spokeswoman, noted Wednesday at a press conference that employment forecasts for the rest of the year were "not optimistic.''

Jiao, however, pointed to a dramatic jump in the number of university graduates securing jobs in the city in June, now that SARS is under control.

By the end of June, 81 per cent of the city's senior undergraduates and 94 per cent of graduate students had found jobs, statistics showed.

The number of university graduates in Shanghai totalled 81,733 this year, up 31 per cent over last year.

The municipal spokeswoman yesterday announced one new jobs creation measure, allowing ordinary employers to buy into domestic businesses based in the city's Pudong New District.

Jiao said the change aimed to further encourage private investment in local industries to boost employment.

Previously, only private entrepreneurs, farmers, retired or unemployed workers were allowed to invest in domestic enterprises.

Local industry experts estimate that every 130,000 yuan (US$15,719) of added investment in a domestic business produces one new job.

Shanghai had created more than 265,000 jobs during the first half of this year, with more than 60 per cent generated in the private sector.

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