Sun, January 11, 2009
Business > Economy

Economist: China could lose nearly 4 mln jobs in 2009

2009-01-11 06:43:08 GMT2009-01-11 14:43:08 (Beijing Time)  Xinhua English

BEIJING, Jan. 11(Xinhua) -- China is likely to lose 3.9 million jobs in 2009 compared with 2007 if GDP growth slows to 8 percent, said Cheng Siwei, a renowned economist here.

Cheng, former vice chairman of the Standing Committee of the National People's Congress, said at a forum on capital market on Saturday that one percentage drop in GDP growth may bring a loss of one million jobs.

He noted China maintained an economic growth of 11.9 percent in2007, creating an additional 11.5 million jobs that year.

The country's four-trillion-yuan (583.9 billion U.S. dollars) economic-stimulus package will boost employment, as unemployment is not only an economic issue but also a social problem, he said.

The stimulus plan released in November will provide more job opportunities through investment on infrastructure, according to Cheng.

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